13 July 2012Bulgaria's finance minister, who was initially targeting rapid accession to the euro zone, has confirmed the country is in no hurry to adopt the single currency.
"We will not make any move toward the switchover in the next two years, Djankov told reporters in Vienna on Thursday.
Analysts have also toned down the government enthusiasm for adopting rapidly the common European currency, saying it makes more sense for the country to take its time.
Before entering the currency bloc, Bulgaria would need to meet several criteria covering currency stability, public-sector debt, interest rates and inflation and secure approval from euro-zone heads of government and the European Central Bank president.
Bulgaria's finance ministry recently said the country has met the criteria, a view challenged by the European Central Bank.
Fiscal discipline is especially important for Bulgaria, as a large budget deficit may put pressure on the economy's currency board, which pegs the Bulgarian lev to the euro.