Tag:eurozone

Speaking to Bulgarian National Radio, Danailov emphasized that while the country’s political decision to join the eurozone is firmly in place, significant challenges remain in meeting the necessary economic criteria

The decision comes as the country narrowly misses the inflation criterion, with its current annual average inflation at 2.6%—just 0.1 percentage points above the required 2.5%. The move marks a significant policy shift after months of official optimism regarding Bulgaria’s euro adoption prospects

Speaking in an interview with the Bulgarian National Radio (BNR), Sariyski raised concerns over the country’s fiscal health and its Eurozone aspirations, suggesting that current financial trends make these goals highly challenging

This declaration follows extensive discussions between Donohoe and top Bulgarian officials, including outgoing Prime Minister Nikolay Denkov, Deputy Prime Minister Mariya Gabriel, and Finance Minister Assen Vassilev

This larger financial structure encompasses the European Central Bank and the national central banks of Eurozone member states, ensuring a unified approach to monetary policies and financial regulations

Ivalyo Mirchev, a member of the Bulgarian National Assembly, outlined the six advantages of Bulgaria joining the Eurozone. Bulgaria is anticipated to join the Eurozone on January 1 2024, making the euro the country's secondary currency after the lev served as the sole legal tender for more than 140 years

Bulgaria planned on joining the Eurogroup of euro area finance ministers in 2024. Still, the Eurogroup has recently rejected the plan because Bulgaria still needs to implement the necessary legislation and has been unable to control inflation

During the conference's opening, titled "Bulgaria on the path to the Euro," Prime Minister Galab Donev of Bulgaria remarked, "Joining the Eurozone is a factor that will contribute to our country being wealthy."