Bulgaria does not yet meet the criteria to adopt the euro

Bulgaria is still not ready to adopt the euro, the European Commission reported on June 1.

The country does not meet the price stability criterion because of high inflation and the national legislation in the area of monetary policy is not fully compatible with the European one.

Bulgaria meets the other three euro area criteria - on public finances, the exchange rate and long-term interest rates.

18 months are needed for the technical adoption of the euro on 1 January 2024.

The European Commission presented today the convergence reports for 2022 for the countries outide the Eurozone, including Bulgaria, which are legally obliged to adopt the euro. According to the European Commission, only Croatia currently meets all four criteria for euro adoption and its legislation is compatible with the European one.

According to Brussels, Zagreb can adopt the euro on 1 January 2023. Croatia was the last country to join the EU in 2013, and in 2020, along with Bulgaria, it entered the so-called eurozone waiting room.