Bulgaria Working to Adopt Euro as Its Currency by 2025
According to the Ministry of Finance of Bulgaria, the country has already taken several measures to make sure that this will be achievable and is making constant progress in this regard to enter the Eurozone, AtoZSerwisPlus.com reports.
“Euro area membership is Bulgaria’s priority. The state continues working actively both in technical and legislative terms on the preparation for adopting the single European currency,” the statement of the Ministry reads.
The statement by the Ministry on euro adoption comes after some media of the country started speculating that the authorities are discussing its postponement past the January 2025 deadline, following a meeting between the Minister of Finance, Rositza Velkova, with the Eurogroup President, Paschal Donohoe, and the Executive Vice President of the EU Commission, Valdis Dombrovskis.
Apart from reassuring once again that the country aims to enter the Eurozone by the beginning of 2025, the Ministry also stressed the importance of such a move.
According to the Ministry, by accessing the euro area, Bulgaria will become part of a community that uses the euro as its national currency and will be able to see political as well as reputational benefits, thus getting closer to some of the most developed European countries.
“Bulgaria’s full integration into the core of the Economic and Monetary Union is important in view of the current geopolitical and economic situation. This will not only make the country more prepared for the current and the subsequent crises it may face in the future but will also enhance our country’s role in decision-making within the EU,” the Ministry added.
Euractiv explains that Bulgaria has faced obstacles on its path to joining the Eurozone, which was initially planned for January 1, 2024.
The obstacles include high inflation, the inability to adopt the bills needed to be adopted while in the waiting room of the Eurozone as well as lack of regular government over the past couple of years.
The same source further notes that the current Bulgarian parliament could also be dissolved if they fail to reach an agreement to form the government, meaning that the laws might not pass again.
Bulgaria is also working on joining the Schengen Area and becoming part of the world’s largest borderless zone.
The process of Bulgaria joining Schengen has been ongoing, and just recently, the Members of the European Union Parliament called for its quick Schengen accession.
