Bulgaria is aiming to secure the path to adopting the euro this year, however officials have announced that they have no plans to join the European banking union before replacing the currency.
The country wants to enter the exchange rate mechanism this summer, which is the pre-preparatory system for adopting the euro.
While membership in the banking union before the euro may ease concerns over bank transparency at a time of money laundering scandals in Eastern Europe, this option is not being considered.
"Bulgaria is trying to gain access to the Exchange Rate Mechanism (ERM-2), which is the first step in simultaneous membership in the Eurozone and the Banking Union," the Ministry of Finance said.
While the country's bid to become the country's 20-member eurozone has gained support from leaders in Germany and France, the European Central Bank sees concerns with the country's lenders.