The European Commission has approved 1.5 million euro in funding for projects focused on reforms in the area of insolvency, with accompanying measures to reinforce the judicial infrastructure and the corporate governance of state-owned enterprises, the Commission said in a statement on August 9.
The technical support will be financed through the Structural Reform Support Programme (SRSP) after Bulgaria agreed to voluntarily transfer the necessary funding from its technical assistance component under the European Structural and Investment Funds to the SRSP.
“These reforms are also relevant in view of preparing a smooth transition to Exchange Rate Mechanism II. The Bulgarian authorities have committed to implement a number of prior commitments in the context of an expectation to join ERM II and banking union by July 2019,” the Commission statement said.
Last month, Bulgaria received the tentative backing for joining ERM II from the Eurogroup, the body that brings together the finance ministers of the 19 countries in the euro zone. A week later, the Cabinet approved the formal application for close co-operation with the European Central Bank (ECB), the first step towards joining ERM II.
(Photo: Sébastien Bertrand)