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BRUSSELS – Bulgaria is making the necessary progress towards adopting the euro, according to representatives of the European institutions with whom the new Bulgarian Minister of Finance, Temenuzhka Petkova, met in Brussels, reported the Bulgarian Ministry of Finance (MF). This will allow Bulgaria to submit a request for the preparation of extraordinary convergence reports in a short period, noted the ministry.
Petkova was in Brussels for a meeting of the European finance ministers and economic affairs (ECOFIN). She spoke with the presidents of the Eurogroup and the European Central Bank (ECB) Paschal Donohoe and Christine Lagarde, and with the European Commissioner for Economy and Productivity Valdis Dombrovskis.
All participants in ECOFIN welcomed the formation of a new government in Bulgaria and its strong commitment to adopting the euro, notes the MF. Minister Petkova expressed the determination of the new government to continue efforts for Bulgaria’s membership in the eurozone.
“We had a very constructive first conversation with the Bulgarian Minister of Finance Temenuzhka Petkova, and we look forward to our important future cooperation,” wrote Valdis Dombrovskis on “Ex”. He added that the EC will continue to support Bulgaria on its path to joining the eurozone.
The entry of Bulgaria into the eurozone is one of the main priorities of the new Bulgarian government, which was sworn in on January 16.
Until recently, Bulgaria did not meet the requirement for price stability, as noted in last year’s reports by the ECB and the EC.
The Bulgarian authorities are confident in meeting the requirement for the level of inflation and intend to officially request the preparation of extraordinary reports from the EC and the ECB, in accordance with the decision of the National Assembly from 2024, confirmed the MF last week.
According to data presented on January 17 by Eurostat on inflation in EU countries, the reference value for the criterion of price stability by December 2024 is calculated at 2.5%. Inflation in Bulgaria for the same period is 2.6%, which means that as of December 2024, inflation is 0.1% above the reference value, notes the ministry.
The law for introducing the euro in Bulgaria was finally adopted in August 2024. The specific date for the introduction of the European currency and the official exchange rate of the lev to the euro are to be determined by the EU Council with a unanimous decision of Bulgaria and the eurozone countries. (January 20, 2025)