Fitch Agency: Bulgaria Could Adopt the Euro in 2023

Politics » BULGARIA IN EU | August 23, 2019, Friday // 12:33
Bulgaria: Fitch Agency: Bulgaria Could Adopt the Euro in 2023

Bulgaria can adopt the euro by 2023. This is stated in a report by the rating agency Fitch.

The document recalls that the procedure began last year and a final decision on joining the ERM 2, also known as the euro waiting room, is expected by the end of this procedure.

However, Fitch states that the year 2023 is possible only if Bulgaria fulfills all the criteria - not only for the waiting room, but also for the subsequent accession to the Eurozone.

The company recalls that our country has officially launched the process of joining the ERM II (the euro waiting room) in July 2018, and a decision on whether to join is expected by the end of 2019. The rating agency makes it clear that January 2023 is a possible timeframe if it is considered that Bulgaria successfully fulfills the ERM II criteria and then the broader convergence criteria. The report says that adopting the euro in Central and Eastern European countries would be positive for their sovereign creditworthiness.

In addition to the benefits of this move, the agency also points out the possible negatives.

Romania has also expressed interest in joining ERM II but there is currently no formal timetable in place.

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Tags: Fitch, Bulgaria, ERM ll, euro, Eurozone
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