Bulgaria has officially requested the preparation of extraordinary convergence reports to assess the country’s readiness for joining the eurozone. This move comes after a decision made by the National Assembly in July 2024, aiming to accelerate the process of adopting the euro. The request was signed by the Governor of the Bulgarian National Bank (BNB), Dimitar Radev, and Finance Minister Temenuzhka Petkova. The letter, addressed to European Central Bank (ECB) President Christine Lagarde and European Commission President Ursula von der Leyen, marks a significant step in Bulgaria’s path toward euro adoption.

The convergence reports, expected in about two to three months, will evaluate whether Bulgaria meets the economic and monetary criteria required for eurozone membership. However, these reports will not issue a final decision. Instead, they will serve as a recommendation on whether Bulgaria fulfills the necessary conditions. The ultimate decision on whether Bulgaria will be allowed to join the eurozone rests with the leaders of the Eurozone member states and Denmark.

The Prime Minister of Bulgaria, Rosen Zhelyazkov, highlighted the significance of the convergence report, which is anticipated to be released in June. This report will be based on a thorough assessment of Bulgaria’s alignment with the economic criteria necessary for euro adoption. Zhelyazkov expressed confidence that Bulgaria has met the required standards, stating that the country is prepared for the transition to the euro by January 1, 2026. The assessment will involve multiple evaluations from the European Commission, ECB, and other EU institutions such as ECOFIN, the Eurogroup, and the European Parliament.

This process is part of a larger, long-term strategy to integrate Bulgaria into the eurozone. The Prime Minister emphasized that Bulgaria is committed to transparency, with an ongoing information campaign designed to reassure the public about the transition. Zhelyazkov also noted that efforts to address the shadow economy are underway, with a target of reducing it by 10% to improve budgetary transparency. He also addressed concerns about the budget's revenue side, ensuring that measures are in place to clarify and reduce informal economic activity.

While the country moves forward with its euro adoption plan, Zhelyazkov reiterated that Bulgaria’s stance on peacekeeping forces in Ukraine remains unchanged. Despite discussions at international levels, including a meeting between the U.S. and French presidents, Bulgaria has made it clear that its armed forces will not be sent to Ukraine. Zhelyazkov reinforced that Bulgaria's foreign policy remains consistent, with a focus on achieving a lasting and stable peace in Ukraine while securing Europe's safety.

Sources:

• BNT
• Nova TV
• BTA