SOFIA, March 22 (Reuters) – The Bulgarian parliament on Friday appointed a brand new banking supervisor because the Balkan usa prepares to sign up for Europe’s banking union and the euro area’s waiting room this yr.

Radoslav Milenkov, 46, will take over one of the four pinnacle jobs on the Bulgarian critical bank and might be in charge of overseeing banks for a six-12 months term after the sudden resignation of his predecessor this month.

Bulgaria has applied to get into near cooperation with the Single Supervisory Mechanism, one of the two pillars of the EU banking union, as a part of its aspiration to undertake the euro forex.


As part of the process, the European Central Bank is wearing out health exams at six of Bulgaria’s 20 banks. Results are anticipated in July.

Sofia expects to sign up for both the banking union and the ERM-2 mechanism, the 2-12 months compulsory precursor to the euro sector this summer.

Bulgaria meets the nominal standards to adopt the euro with its low debt and sound public finances, but it is also the European Union’s poorest member nation and one in all its most corrupt.

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