Bulgaria prepares plan to adopt euro

Expectations are for the country to join the Eurozone in 2024

Minister of Finance Kiril Ananiev

The main tasks that the Bulgarian government has to undertake are related to fulfilling the Roadmap commitments resulting from the Bulgarian lev's entry into ERM II, which took effect on 10 July 2020. This is what Minister of Finance Kiril Ananiev said in an interview he gave at the annual Euromoney forum for Central and Eastern Europe, the Ministry of Finance announced on its website. According to him, a National Plan to Adopt the Euro in Bulgaria is being drafted.

The document will lay out the steps that need to be taken by the Bulgarian authorities and the country's business community in order to successfully implement the single currency. However, Ananiev underscored that meeting the nominal convergence criteria (the so-called Maastricht criteria) and taking measures to address the inconsistencies noted in the 2020 Convergence Reports by the ECB and the EC are also an important aspect of preparatory activities. “We are working intensively so as to abide by the timetable and the set minimum period of time for staying in ERM II. Presently, there are no significant risks of failing to meet any of the commitments that have been made,” Minister Ananiev assured.

“The pandemic has rocked the global and the European economies, including the Bulgarian one, with severe social and economic consequences, but I believe that it will not be a factor for prolonging our stay in ERM II. Bulgaria will maintain and preserve fiscal stability in the medium and the long term so it can remain an international partner and a country that follows the (Eurozone's) over 20-year-old principles of disciplined and prudent management of public finances. That is precisely our goal with Budget 2021, which sets one of the lowest levels of debt and deficit for a Member State while boosting support for economic sectors and citizens affected by the pandemic,” Ananiev said.

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