for euro adoption. In July 2011, Dyankov stated that the government would not adopt the euro as long as the European sovereign-debt crisis was ongoing. In 2011 Bulgaria's Minister of Finance Simeon Djankov stated that adoption of the euro would be postponed until after the Eurozone crisis had stabilized. In January 2015, the then-Finance Minister Vladislav Goranov (under Prime Minister Boyko Borisov) changed approach and said, that it was possible for Bulgaria to join ERM-II before the term of current government. Goranov said he would begin talks with the Eurogroup and a co-ordination council to prepare the country for euro zone membership. The council was to draft a plan for the introduction of the euro, propose a target date, organisation and of the preparation work and coordination of the expert working groups. This was supported by the former governor of the Bulgarian National Bank, Kolyo Paramov, who was in office when the currency board of the state was established. Paramov argued that adoption would "trigger a number of positive economic effects": Sufficient money supply (leading to increased lending which is needed to improve economic growth), getting rid of the currency board which prevents the national bank functioning as a lender of last resort to rescue banks in financial troubles, and finally private and public lending would benefit from lower interest rates (at least half as high). The former deputy governor of the Bulgarian National Bank, Emil Harsev, agreed with Paramov, stating that it was possible to adopt the euro already in 2018, and "Bulgaria's membership in the eurozone will bring only positive effect on the economy" because "since establishing the currency board in 1997, we have been accepting all the negative effects of accession into the eurozone without getting the positive ones (access to the European financial market)". Following the 2017 parliamentary elections Borisov's government was re-elected. Borisov stated that he intended to apply to join ERM II but Goranov elaborated that the government would only seek to join once the eurozone states were ready to approve the application, and that he expected to have clarity of this by the end of 2017. On taking the presidency of the Council of the European Union in January 2018, Prime Minister Boyko Borisov indicated no clarification had been given but announced he was going to pursue applications for both ERM-II and Schengen by July 2018 regardless. Bulgaria sent a letter to the