Bulgaria turns to the ECB in wake of bank failures

National Bank of Bulgaria

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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