Historic Day for Bulgaria: Awaiting the Asessment from EC and ECB on Euro Area Criteria

The European Commission and the European Central Bank are set to publish today, June 4, the convergence reports on Bulgaria’s adoption of the euro.

Expectations are that both reports will be positive, paving the way for the country to begin the formal process of joining the euro area as of January 1 next year. Bulgaria is poised to become the 21st member of the eurozone.

The reports by the European Commission (EC) and the European Central Bank (ECB) are expected to be released around 2:00 PM Bulgarian time. To qualify for euro area membership, Bulgaria must meet four key economic criteria, in addition to demonstrating legal readiness for adoption. The economic criteria include: price stability; sustainable public finances; long-term interest rate convergence; stable exchange rate.

The final decision on Bulgaria’s accession to the eurozone will be made on July 8 by the Eurogroup finance ministers, following consultations with the European Parliament and deliberations in the European Council.