Bulgaria Aims for Eurozone Entry on January 1, 2025, Says Prime Minister

During a parliamentary question time, Prime Minister Nikolai Denkov declared that Bulgaria's target for joining the euro area is set for January 1, 2025. Denkov emphasized the adherence to the Maastricht criteria, integral to EU treaties, as a crucial aspect of the process.

Denkov clarified that while the criteria have a provision allowing exclusions from the calculation of average inflation under specific circumstances, such decisions must align with established rules. Drawing parallels with Croatia's euro adoption, he highlighted that such exclusions are permissible within the existing framework.

Asserting that compliance with rules is imperative, Denkov stated, "We will follow all the rules as they are at the moment in order to join the euro area." He underlined that the exchange rate of the leva is safeguarded by a current National Assembly act, and there have been no discussions within the government about altering this rate.

The prime minister emphasized the stability of the leva's exchange rate, asserting its appropriateness since being pegged to the deutsche mark and subsequently to the euro. Denkov affirmed the government's commitment to maintaining the established exchange rate.

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