On March 29, 2024, the worker counts the Bulgarian Lev Banquetes at a shop in Sofia, Bulgaria.
Oliver Bunik/Bloomberg by Getty Images
Bulgaria got a green lamp to join the euro zone on Wednesday, which means the block can soon grow from 20 to 21 members.
Planning European Commission And European Central Bank Both have concluded that the country has met the requirements of adopting a single currency starting next year.
“This positive assessment of the convergence paves the way for Bulgaria to introduce the Euro by 1 January 2026 and is the 21st EU member of the Euro region,” ECB Executive Board member Philip Lane said in a press release.
The European Commission described this assessment in the statement that “the crucial and historical step of the Bulgaria travel towards the Euro adoption.”
European Commission President Ursula Van Der Leyen congratulated the country, saying that “the decision” interprets more investment and trade with the Euro region partners and means greater stability and prosperity to the Bulgarian people. “
“Bulgaria will take its right position in formulating decisions of the Euro region,” he added on social media Shredded.
This indicates a change from last year’s reportSIt concluded that Sofia did not meet the convergence criteria for adopting currency as the country’s inflation was very high.
Inflation with an obstacle to cross. Bulgaria’s harmonious Consumer Price Index – This is compared to European countries – according to statistics agency is 2.8% in April Eurostat.
Price stability is one of the requirements for a country to meet the Euro Zone and thereby join the European Central Bank. Others include the deficiency of the nation’s government and the size of the debt ratio, its average nominal long -term interest rate and its exchange rate stability.
There is also a legal need for central bank freedom.
Bulgaria joined the European Union in 2007 and was committed to joining the Euro region at that time and abandoning the Bulgarian Lev as his official currency. About 341 million People According to the European Union, use the Euro in the current 20 Euro zone countries. ECB Yo of the watch There are 29 billion Euro bank notes in circulation, worth more than 1.5 trillion euros (7 1.7 trillion).
An Euro is equal to 1.96 Lev, anchoring currencies when it is part of the Bulgaria Board.
There are mixed attitudes about joining the Euro into Bulgaria. One Survey 49% published by the EU last year Public Was in favor of becoming part of the Euro block. Political opinion has also been divided, while several nationalist parties and the president of the country are advocating against it, while Prime Minister Rosen Hele Llazkov has supported.
In addition to its assessment of the European Commission, the Council’s decision on the Euro adoption of Bulgaria and the proposals for council control was also adopted early next year. The EU Council has a final statement about countries joining the Euro sector.
