2024-02-14 01:32:45
They promulgated in the State Gazette the new Law on the Bulgarian National Bank, which will enter into force on the day indicated in the Decision of the Council of the European Union on the adoption of the euro by Bulgaria. This is stated by the BNB on its website.
With the adoption of this law, the requirement for legal convergence of the organizational law of the Bulgarian Central Bank is fulfilled, and its legal integration into the Eurosystem is carried out upon the introduction of the euro as the monetary unit of Bulgaria. The new BNB Law also reflects the legal inconsistencies reported in the Convergence Reports of the European Central Bank (ECB) and the European Commission. A basic approach in the law is to apply a legislative technique that avoids reproducing the directly applicable TFEU and the Statute of the European System of Central Banks and of the European Central Bank, and instead includes references to them where appropriate.
As part of the formal procedure for the approval of the new structural law of the Bulgarian Central Bank, on September 18, 2023, the Governing Council of the ECB adopted an opinion on the integration of the BNB into the Eurosystem. In it, the ECB expresses a positive assessment of both the aim of the law to achieve the necessary level of legal convergence and the technique used in it to avoid replicating the directly applicable provisions of Union law.