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Source: AFP
The EU gave the greenish airy connected Wednesday for Bulgaria to follow the euro connected January 1, 2026, successful a "historic" measurement for the southeastern European state acceptable to go the 21st subordinate of the azygous currency area.
The European Commission said Bulgaria had fulfilled the strict criteria "intended to guarantee that a state is acceptable to follow the euro and that its economy is sufficiently prepared to bash so".
The European Central Bank besides gave a affirmative opinion, hailing Bulgaria's "tremendous dedication to making the adjustments needed".
The propulsion has, however, sparked a backlash from galore Bulgarians, with protests and caller surveys showing astir fractional of those questioned opposed adopting the euro -- fearing achy economical consequences.
"If Bulgaria joins the eurozone, it volition beryllium similar boarding the Titanic," Nikolai Ivanov, a retired elder official, told AFP astatine a caller protestation calling for the country's currency -- the lev -- to beryllium maintained.
Bulgaria has had a rocky roadworthy to joining the eurozone: the federation has been plagued by governmental turmoil with 7 elections successful 3 years -- the past successful October 2024.
The support by the EU's enforcement assemblage comes 18 years aft Bulgaria joined the bloc.
"Congratulations, Bulgaria!" committee president Ursula von der Leyen said.
"Thanks to the euro, Bulgaria's system volition go stronger, with much commercialized with euro country partners, overseas nonstop investment, entree to finance, prime jobs and existent incomes," she said successful a statement.
With a colonisation of 6.4 million, Bulgaria is the poorest federation successful the bloc but has spent respective years preparing its system to articulation the eurozone.
Bulgaria inactive needs the support of the EU's concern ministers, who are expected to springiness their afloat backing successful July, earlier it formally adopts the euro.
"Today's study is simply a historical infinitesimal for Bulgaria, the euro country and the European Union," said EU system main Valdis Dombrovskis.
"Of course, the euro is much than a currency. Following connected from Bulgaria becoming a afloat subordinate of the Schengen country earlier this year, it brings Bulgaria ever person to the bosom of Europe," helium added.
Unsuccessful past attempts
When the archetypal euro slope notes and coins were rolled retired successful January 1, 2002, lone 12 countries were portion of the single-currency country including France, Germany, Ireland, Italy and Spain.
It gradually grew to 20 with Slovenia joining successful 2007, Cyprus and Malta successful 2008, Slovakia successful 2009, Estonia successful 2011, Latvia successful 2014 past Lithuania successful 2015.
Croatia was the astir caller state to articulation successful 2023.
Bulgaria wanted to follow the currency sooner but successful the past fewer years Brussels has concluded its ostentation was excessively precocious to conscionable the indispensable requirements.
To articulation the azygous currency area, subordinate states indispensable amusement that their system has converged with different eurozone countries and that they person a grip connected their finances.
For example, they indispensable show ostentation is not retired of power and is nary much than 1.5 percent points supra the complaint of the 3 best-performing EU countries.
Last year, Bulgaria fulfilled each criteria to articulation but connected inflation.
The mean ostentation complaint successful Bulgaria during the 12 months to April 2025 was 2.7 percent, conscionable beneath the notation value.
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Source: AFP
