European Commission supports Bulgaria on its way to ERM II

The Commission adopted on Thursday a decision approving additional requests from Bulgaria for technical support through the Structural Reform Support Programme (SRSP), the EU press service reported. The projects financed by the decision focus on reforms in the area of insolvency, with accompanying measures to reinforce the judicial infrastructure and the corporate governance of State-Owned Enterprises.

The projects will be financed from Bulgaria's voluntary transfer of €1.5m from their technical assistance component under the European Structural and Investment Funds to the SRSP. The Work Programme annexed to the decision outlines the actions that will be financed and sets out the priorities, objectives and expected results of the reform projects.

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 created the Structural Reform Support Service (SRSS) in 2015 to support Member States in the preparation, design and implementation of institutional, structural and administrative reforms. SRSS manages the Structural Reform Support Programme, available to all EU Member States upon their request.

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