EU PROBES SOFIA'S READINESS FOR THE EURO

A mission for assessment of Bulgaria's readiness to adopt the common European currency, euro, has started in Sofia with the arrival of representatives of the International Monetary Fund and the European Central Bank. Experts of the European Commission are expected to join the working group next week.

They will arrive in Sofia at the invitation of Bulgaria's Finance Minister Simeon Djankov. Bulgaria has the lowest budgetary deficit in the EU and it has been conducting a prudent fiscal policy. The representatives of the European Commission will assess Bulgaria's convergent program and after that Sofia would file a request to join the euro "waiting room", ERM-2.

Yesterday, the representatives of the International Monetary Fund had a meeting with finance minister Djankov during which they made a thorough analysis of the economic situation in Bulgaria.

The IMF mission in Bulgaria is led by Mr. Bas Bakker and will last until March 1. IMF experts are expected to hold talks with representatives of Bulgaria's finance ministry, the national bank and the private sector.