Bulgaria will not request an extraordinary convergence report for now, the critical step needed to enter the eurozone, Finance Minister Temenuzhka Petkova stated in parliament. She emphasized that while the country aims to eventually submit a request, it must first fulfill all necessary criteria to ensure a positive outcome. Petkova shared that during meetings with European finance officials, including the European Commissioner for Finance and the Presidents of the Eurogroup and the European Central Bank, it was made clear that Bulgaria needs to demonstrate long-term stability in its economic indicators before being considered for eurozone membership.

Petkova explained that Bulgaria’s inflation rate, as of December 2024, is slightly above the reference value by 0.1 percentage points. She reiterated that while the European partners are supportive of Bulgaria, the country must first align with fiscal and budgetary expectations. The Finance Minister stressed the importance of passing the 2025 Budget and securing approval for Bulgaria's structural and fiscal plan to prove the sustainability needed for eurozone entry. She added that rushing into the process before meeting these criteria could result in a negative response from the EU.

Meanwhile, the opposition party WCC-DB expressed concerns about growing resistance to Bulgaria’s eurozone accession. MP Ivaylo Mirchev accused GERB of tacitly supporting a coalition against the euro, with Kostadin Kostadinov of Vazrazhdane leading the opposition to Bulgaria's euro adoption. Mirchev criticized GERB’s lack of action towards achieving a budget deficit target of 3%, which he viewed as essential for meeting eurozone entry criteria. He argued that the current coalition structure, which includes parties opposed to the euro, undermines Bulgaria’s prospects for joining the eurozone.

Source: BNR