The British daily reminded that The adoption of the euro by Bulgaria was postponed last year due to too high inflation and a political crisis – In less than four years, the parliament was chosen there seven times.
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EU countries who want to enter the euro area must show that their average inflation rate does not exceed more than 1.5 points. percent Medium inflation rate of three eurozone countries with the lowest inflation. In 2024 it was Ireland (1 percent), Italy (1.4 percent) and Luxembourg (1.6 percent). In addition, other criteria should be met, including the budget deficit, the stability of the exchange rate and the stability of interest rates.
The European Commission announced on Tuesday that it ends the assessment of Bulgaria's convergence, i.e. conditions that must be met so that the country can join the euro areaand intends to accept the report at the beginning of June.
Prime Minister Bulgaria Rosen Żelazkow said last week that his country was expecting a positive report on convergence. He assured that “the state would guarantee the safety of Bulgarian consumers also after the introduction of the euro.” “This includes legal changes regarding the adoption of the euro so that Bulgarians can be calm about their savings,” he added.
According to the Financial Times on Tuesday, Bulgaria claims that she is on the right track to enter the euro area in 2026.
As “FT” reminds, the President of Bulgaria Rumen Radew and several nationalist parties openly criticize the entrance to the euro area and fuels concerns about the “price shock” and the loss of some savings by citizens.
At the beginning of May, the president announced that he wanted to carry out a nationwide referendum to delay the country's accession to the euro area. According to Politico, it is unlikely that the country's constitutional Tribunal would consent to it, because it has already ruled that such voting would be unconstitutional.
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Radewa's statement was also not enthusiastically received in the parliament, where most Bulgarian parties support the adoption of the euro.
In order to avoid inflation that occurred after the creation of the Democratic Parliamentary Republic, the Bulgarian Lew was associated with the German brand in 1997, and after the denomination in 1999 – from the euro.
Bulgaria would be the 21st member of the euro area and the second country after Croatia, which will join the euro area over the last decade.
