Bulgaria turns to the ECB in wake of bank failures
IMF told Bulgaria to attach 'high priority' to fixing its supervisory set-up
The Bulgarian National Bank (BNB) yesterday reached out to European institutions for help in fixing its banking supervisory infrastructure that failed spectacularly last month – 15 years after the IMF told the country to assign a "high priority" to repairing a system that put too much supervisory power in the hands of one central bank deputy governor.
Bulgaria is now seeking to become one of the first non-eurozone countries to join the Single Supervisory Mechanism (SSM), which will launch later
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