Bulgaria Can Adopt the Euro in 2025, Confirms Eurogroup President

Eurogroup President Paschal Donohoe confirmed that Bulgaria could adopt the euro in 2025. This statement came following discussions with Bulgarian officials, including outgoing Prime Minister Nikolay Denkov, outgoing Deputy Prime Minister Mariya Gabriel, and outgoing Finance Minister Assen Vassilev.

Donohoe emphasized the importance of Bulgaria's efforts to control inflation, which he stated was crucial to achieving euro adoption in 2024. According to EU treaties, the decision to request further economic assessments lies with the Bulgarian government. Donohoe expressed confidence in Bulgaria's ability to meet the criteria for eurozone entry, stating that it's not a matter of if, but when Bulgaria will join.

Denkov highlighted Donohoe's extensive political background, spanning over a decade of service in various roles within the Irish government. Currently serving as the Minister for Public Spending, the National Development Plan, and Reforms in Ireland, Donohoe brings significant expertise. In addition to discussing Bulgaria's potential adoption of the euro, the two officials delved into Ireland's post-euro adoption experience.

The former Prime Minister of Bulgaria pointed out Ireland's exceptional journey, highlighting its rapid rise from being the EU's poorest nation to achieving significant development. He attributed this remarkable progress to implementing effective policies that attracted investments and capitalized on the opportunities presented by EU membership and the adoption of the euro. As a result, Ireland has now become one of the most advanced countries within the EU.

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