Bulgaria Won’t Adopt The Euro From 2024

This month, Bulgaria will not request a convergence report that would demonstrate its readiness to join the Eurozone. The country’s goal to adopt the euro by January 1, 2024, has also been abandoned, according to Rositsa Velkova, the minister of finance.

Despite the fact that it was on the agenda for the Eurogroup meeting at the beginning of the week, Bulgaria’s readiness was not discussed. The cause is Bulgaria’s tardiness in passing the necessary legislation and failure to achieve the required level of inflation.

Within the Eurogroup, it has been agreed that Bulgaria should strive for the new date – no later than January 1, 2025, but there is no legal obstacle for the adoption to be at the beginning of the year, but from another date, explained the minister. She pointed out that this could also happen on Easter next year (2024).

Therefore, Bulgaria will also request a report on its progress at the moment when it has fulfilled its commitments made upon entering the so-called waiting room of the Eurozone. This means there will be no waiting for a regular report.

The postponement of the deadline will definitely have a negative impact on the interest rates when taking on new government debt and on the country’s credit rating, if a new progress report is not requested, which would give a prospect for entering the Eurozone, commented Velkova.