Банкеръ Daily


Botched Manipulation of BG Membership in the "Eurozone Waiting Room"

Whether due to incompetence or not, a botched  manipulation of Bulgaria's candidacy to become a member of the ERM II, known as the "Eurozone waiting room", was foisted on the online media market. On April 30, several media outlets broke the "news" that the country had submitted documents for joining the eurozone waiting room. Prime Minister Boyko Borisov was even quoted on some site as announcing the good news to French President Emmanuel Macron. Please, note - in a phone call!

The plot resembles the fabrication of typical fake news on an anonymous site. But this is not the case, because the information about the conversation between Borisov and Macron comes from the press office of the Council of Ministers. It rather goes about a pretty frivolous interpretation.


In fact, the Council of Ministers' press release cites the following words of the Prime Minister, addressing the French President: " Today we are counting on your support for ERM II after we have formally submitted our documents to the ECB." This leaves the impression that some documents have been submitted. Moreover, Borisov has recently said that he hoped to formally apply for membership by the end of April.


The truth, however, is quite different. Borisov has informed Macron that we have sent a letter to the European Central Bank, referring to the  completion of its assessment process to establish close cooperation with the Banking Union, which is just a prerequisite for subsequent application for and admission to ERM II. “The Banker” sources have explained that in this way BG Prime Minister has in practice made a request that our country's preparations for accession continue after he himself took a step back in search of public consensus two months ago.


This is where the interpretations end.


As it has been said, some media have been quick to take advantage of the situation, increase traffic to their sites, because of lack of knowledge of the matter. Since you are ignorant of the matter, it is not very appropriate to stick your nose in it. Especially when it comes to an event of such a high calibre, which will surely be reflected by our European partners. For example, on the ECB's website. And the European Commission would hardly have missed to release the announcement and statement of its Vice President, Valdis Dombrovskis, who is still responsible for the Monetary Union. In addition, knowing our government, such a foreign policy success would undoubtedly have been noted, if not with an orchestra, at least at a special briefing with the participation of the Prime Minister, the Finance Minister and the Governor of the BNB.


In fact, if one looks on the matter, it can’t seem strange to him that the information about Bulgaria's application has found a place in a telephone conversation, be it with the French President Macron ...


In addition, we can say it is the unwritten rule that such information is announced on Friday evening when trading on the international markets has ended. We can expect such a story advance in the next three months, as it has become clear from the recent statements of both BNB Governor Dimitar Radev and Commissioner Dombrovskis.

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