The most recent took place in 1997 when a currency board arrangement to the Deutsche Mark was adopted. In 1999, the latter was replaced by the euro. Before the actual accession of Bulgaria into the EU, a Cooperation Agreement was signed by the ECB and the Bulgarian National Bank in January 2005.
Moreover, under the leadership of Governor Iskrov, the ECB and the Bulgarian National Bank worked intensively together on the Bulgarian National Bank’s Law to bring the independence of the central bank generally in line with EU legislation However, some additional changes still need to be made to ensure that legislation in the monetary field is fully in line with the provisions of the Treaty.