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European Commission President Jean-Claude Juncker. File photo by EPA/BGNES
European Commission President Jean-Claude Juncker “is believed to be set on ensuring” that the euro is introduced in the EU member states still using their own national currencies in a bid to spur European integration after Britons voted to leave the 28-nation bloc, according to UK’s Daily Express.
Besides the United Kingdom, eight other EU member states haven't adopted the euro – Bulgaria, Croatia, the Czech Republic, Denmark, Hungary, Poland, Romania and Sweden.
Daily Express has also said that according to German newspaper Frankfurter Allgemeine Zeitung, “there are plans underfoot to accelerate the "completion" of the monetary union.”
Bulgaria operates a fixed exchange rate mechanism called currency board, which curbs the conduct of independent monetary policy by the country's central bank and the pegs the national currency, the lev, at 1.95583 per euro.
Last year, Bulgaria’s government set up a council to propose a date for adopting the euro and draft a plan for introducing the single currency. The lev is not yet within the Exchange Rate Mechanism (ERM II), the euro's 'waiting room'.
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Petar Ganev, a senior researcher at the Institute for Market Economics, stated in an interview with Bulgarian National Radio that it is highly likely Bulgarians will begin making payments in euros starting from January 1 next year
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Bulgaria is currently meeting the Maastricht criteria required for eurozone membership, with its macroeconomic indicators indicating a stable path toward adopting the euro
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