SOFIE/BRUSSELS - The European Commission confirmed in its convergence report of 4 June that Bulgaria fulfils all the necessary criteria for adopting the single European currency. If the process is approved by other EU institutions, Bulgaria will change to the euro on 1 January 2026. The report says the country has achieved the necessary degree of price stability, has sustainable public debt, a stable exchange rate and interest rates in line with requirements.
While Brussels welcomes the decision, the announcement has caused strong emotions in Bulgaria itself. Thousands of protesters took to the streets over the weekend, expressing concern about the economic impact and the loss of national identity. Critics say the adoption of the euro could lead to rising prices and greater reliance on decisions by the European Central Bank. Opposition politicians also warn of a lack of preparedness of domestic institutions and public distrust of the political elite.
The Bulgarian government, on the other hand, sees the adoption of the euro as a strategic step towards stabilising the economy and deeper integration with the euro area. The prime minister said the euro would facilitate international trade, attract investment and increase the country's credibility on financial markets.
Bulgaria will join the ERM II exchange rate mechanism as early as 2020. By adopting the euro, it will become the 20th member of the euro area, at a time when some countries are debating the future of the currency in a turbulent geopolitical environment. The coming months will show whether Bulgaria's political leadership will be able to overcome domestic resistance and actually introduce the euro.
gnews.cz -GH
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