August 13 (SeeNews) - The European Commission said it has approved Bulgaria's additional requests for technical support through the Structural Reform Support Programme (SRSP) for projects aimed at preparing the country's smooth transition to the Exchange Rate Mechanism II (ERM II).
"The projects financed by today's 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 European Commission said in a statement last week.
The projects will be financed by transferring 1.5 million euro ($1.7 million) from Bulgaria's technical assistance component under the European Structural and Investment Funds to the SRSP.
The SRSP is coordinated by the European Commission's Structural Reform Support Service, which was established in 2015 to support Member States in the preparation, design and implementation of institutional, structural and administrative reforms. The SRSP covers the entire reform process, from preparation and design to implementation of the reforms.
The Bulgarian authorities have committed to implement a number of prior commitments in the context of an expectation to join ERM II and Banking Union by July 2019, the Commission noted.
Last month, the euro area finance ministers said they would support Bulgaria's intention to join the ERM II after a positive assessment of European Central Bank but urged the country to adhere to its promises for reforms under the Cooperation and Verification Mechanism (CVM).
"We call on the Bulgarian authorities to thoroughly implement the reforms monitored by the Commission under the Cooperation and Verification Mechanism in the areas of judicial reform and the fight against corruption and organised crime in Bulgaria, in light of their importance for the stability and integrity of the financial system," the finance ministers of the euro area said at the time.
($ = 0.8793 euro)