Perspectives
Banking Alert! Criteria for entry into the Exchange Rate Mechanism (ERM II)
The prospects of Bulgaria's participation in the Exchange Rate Mechanism (ERMII) sets a precedent for future applicants for participation in the ERMII. As the Eurogroup expects to follow a similar approach with other Member States seeking to join ERMII, we should be mindful of the structural and governance obstacles to deep financial integration that need to be overcome quickly.