Deputy Minister of Finance Answers When Will Bulgaria Be Ready for the Eurozone

Finance | June 4, 2024, Tuesday // 14:10|  views

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By mid-2025, Bulgaria will be ready to join the Eurozone, according to Acting Deputy Minister of Finance Metodi Metodiev. He predicts that by the end of this year, Bulgaria will meet the inflation criterion, which is currently the only unmet requirement for euro adoption. This progress will allow Bulgaria to request an extraordinary report.

Metodiev also mentioned that the Council of Ministers will soon vote on the Law on the Euro. He noted that nearly all necessary reforms for Eurozone membership have been implemented.

"Only one partial reform remains, involving a transformation program for state-owned enterprises. All these steps are being completed, and we are on the threshold of entering the Eurozone," stated Deputy Minister Metodiev at the "The Noise of Money" forum.

Bulgaria, a member of the European Union since 2007, has been on a steady path towards adopting the euro and joining the Eurozone. This move is seen as a crucial step in further integrating its economy with the EU and stabilizing its financial system. Adoption of the euro promises to bring numerous benefits to Bulgaria, including enhanced economic stability, lower interest rates, and increased investor confidence. However, the transition also poses challenges, such as meeting the stringent economic criteria set by the EU and ensuring a smooth changeover for businesses and the public. As Bulgaria continues its efforts to fulfill these requirements, the anticipated shift to the euro reflects its commitment to deeper economic integration and growth within the European community.

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Tags: Bulgaria, Eurozone, euro, metodiev

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