Celebrating 25 Years of the Euro: Bulgaria Aims to Join the Currency Union

Marking a significant milestone, the euro commemorates its 25th anniversary since its inception. Introduced initially in 11 countries, the single European currency has grown to encompass approximately 350 million users across 20 countries in the eurozone. Bulgaria eyes becoming the 21st member, intending to join the currency union early next year.

In a joint publication penned by Christine Lagarde, European Central Bank Governor, alongside Ursula von der Leyen, Charles Michel, Roberta Metsola, and Pascal Donahue, presidents of the European Commission, the Council, the Parliament, and the Eurogroup, respectively, the significance of launching the world's second most influential currency was emphasized. The milestone commemorates the euro's 25-year journey, succeeding the ECU, a currency unit used for European budgeting before the euro's creation. Introduced for budgetary purposes in 1999, the euro entered circulation in 2002, symbolizing greater sovereignty in an increasingly complex global landscape.

Several European nations have gradually joined the monetary union, with Croatia becoming a member precisely a year ago.

Bulgaria initially aimed to integrate into the currency at the start of this year, but due to certain factors, the target date was rescheduled to January 1, 2025. While the country currently falls short of meeting the inflation criterion, authorities express optimism in achieving the requirement.

Highlighting the preparedness of the banking system, Dimitar Radev, Governor of the Bulgarian National Bank, has reiterated Bulgaria's readiness for this impending transformation.

The 25th anniversary of the euro stands as a testament to the currency's evolution, with Bulgaria's forthcoming entry poised to shape its economic landscape in the years to come.

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