When Will Bulgaria Join the Eurozone? Our Readers Have Spoken
A recent survey conducted on our Facebook page has shed light on public sentiments regarding Bulgaria's potential accession to the Eurozone
Bulgaria's finance minister has taken a stance against the immediate introduction of the euro, saying this would have no significant economic impact.
Plamen Oresharski statement came in reply to International Monetary Fund calls on central and eastern European countries to consider scrapping their currencies in favour of the euro even without formally joining the eurozone.
In a confidential IMF report, which leaked earlier in the week, the fund said the eurozone could relax its entry rules so countries could join as quasi-members, without European Central Bank board seats.
"Give me just one reason for concluding a new agreement with the IMF at this stage," Minister Oresharski said, adding that Bulgaria has been considering the adoption of the euro and its impact on the economy for more than ten years.
"We will do that if we have to, I can see no drama here," he added.
"Bulgaria's entry into the eurozone will have no dramatic consequences," the minister said, as cited by 24 Hours daily.
He pointed out that Bulgaria's economy has been adjusted to a fixed currency rate in 1997-2000 at times of cataclysms, fluctuations and problems.
Bulgaria's entry in the eurozone, initially scheduled for 2010, has been set back for some time around 2012. Experts say it is conditional on continued fiscal prudence and lower inflation.
In fact, Bulgaria has yet to join the Exchange Rate Mechanism, the "waiting room" for euro membership, amid concerns about its inflation rates and external trade imbalances. Stricter application of membership criteria has also been a factor in the delay.
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Starting from January 1, 2025, Bulgaria aims to raise its minimum wage to at least BGN 1,080 (EUR 552), a significant increase from the current BGN 933
Bulgaria’s prospects for joining the euro in 2025 have been bolstered by a cooling annual inflation rate, which dropped to the eurozone average of 2.4% in April, marking its first dip below 3% since the summer of 2021
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
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