EC: Bulgaria could introduce the euro in January 2025 if it meets the criteria

EC: Bulgaria could introduce the euro in January 2025 if it meets the criteria

EC: Bulgaria could adopt the euro in January 2025 if it meets the criteria

One-euro coins on the flag of the European Union – illustration photo.

Sofia – Bulgaria could join the eurozone in January 2025 if it meets all the criteria for the introduction of the single European currency. This was stated today by the Vice President of the European Commission (EC) Valdis Dombrovskis. Bulgaria announced last week that it had abandoned its goal of adopting the euro next January because it failed to meet certain conditions.

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Bulgaria is the poorest member of the European Union and hopes that adopting the euro will help it attract more investment. However, the country is struggling with political problems and faces its fifth parliamentary election in April in the last two years.

Bulgarian Finance Minister Rosica Velkova-Želeva said last week that Bulgaria was not meeting the conditions regarding inflation and had not implemented some legal changes necessary for the adoption of the euro. She added, however, that Bulgaria could still try to introduce the euro from the middle of next year.

However, Dombrovskis pointed out that countries usually enter the eurozone at the beginning of the year, which he says is more practical. He also stated that due to high inflation, Bulgaria should not rush to join the Eurozone. “January 2025 could be one of the possible dates,” he added.

The adoption of the euro is supported by all major political parties in Bulgaria. However, the planned entry into the Eurozone has recently faced criticism from some pro-Russian factions and has only lukewarm support from the public. Many people fear that the transition to the euro will deepen the current increase in the price of goods and services, similar to the one in Croatia.

Bulgaria, together with Croatia, was admitted to the ERM-2 exchange rate mechanism in 2020, which is nicknamed the waiting room for euro. Croatia introduced the single European currency at the beginning of this year, becoming the twentieth member country of the eurozone.

The current Czech government, like the previous cabinets, does not have the adoption of the euro in its program. Last December, it agreed that the Czech Republic would not yet set a date for the introduction of a single European currency.