EC: Bulgaria not ready to adopt the euro

The European Commission and the European Central Bank on June 26 present the convergence report on the adoption of the euro in Bulgaria. It is expected to confirm that the country has not fulfilled all the criteria to adopt the single European currency on January 1st next year, which were the initial plans of Brussels and Sofia.

The report is expected to underline that Bulgaria cannot yet meet the price stability criterion. Average annual inflation in Bulgaria still remains higher than the requirement for euro adoption.

Caretaker Finance Minister, Lyudmila Petkova, said in Luxembourg a few days ago that Bulgaria will ask the European Commission and the European Central Bank to prepare an extraordinary convergence report after the end of the year, when it meets the inflation criterion.

According to European Commission sources, the next realistic date for Bulgaria's euro adoption is January 2026. Brussels expects Sofia to have a regular government that presents a clear commitment to adopt the single European currency.