Bulgaria's Finance Ministry Forecasts Eurozone Compliance by Year-End

Business » FINANCE | June 25, 2024, Tuesday // 16:04
Bulgaria: Bulgaria's Finance Ministry Forecasts Eurozone Compliance by Year-End

The Bulgarian Ministry of Finance anticipates that the country will achieve the inflation benchmark required for Eurozone membership by the year's end. Following this achievement, Bulgaria plans to formally request the European Commission (EC) and the European Central Bank (ECB) to prepare an extraordinary convergence report, as stated by the Ministry of Finance.

Yesterday, Deputy Prime Minister and Minister of Finance Ludmila Petkova met with Pierre Gramegna, Managing Director of the European Stability Mechanism (ESM), in Luxembourg. This meeting coincided with her participation in the regular session of the EU Economic and Financial Affairs Council (ECOFIN), according to an announcement from the Ministry of Finance.

During their discussions, Pierre Gramegna expressed optimism, stating, "Together we will pave the way to the Eurozone." Deputy Prime Minister Petkova provided updates on Bulgaria's technical preparations for adopting the euro, highlighting the country's current macroeconomic and financial situation. Bulgaria aims to fulfill the price stability criterion by year-end, paving the way for the EC and ECB to prepare the necessary convergence report. Gramegna outlined the procedural steps and committed to providing support and expertise until Bulgaria's accession, emphasizing the significance of this milestone in strengthening Europe.

The European Stability Mechanism, established by Eurozone member states in response to the 2012 debt crisis, is an independent financial institution. Upon adopting the euro, Bulgaria will also become a shareholder in the ESM, as reiterated by the Ministry of Finance. The Mechanism's Management Board includes Finance Ministers of Eurozone countries who are members of the Eurogroup, with its Chair heading the Board. Additionally, the ESM comprises a Board of Directors and a Managing Director.

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Tags: Bulgaria, euro, inflation, Eurozone

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