Another country may soon join the euro area

As Bloomberg explains, the minority government of Prime Minister Rosen Żelazkowa is waiting for the evaluation of fulfillment by Bulgaria Ready to accept the euro, which will take place on June 4. Then European Commission and the European Central Bank will publish their reports on convergence criteria (so -called Maastricht criteria). It is about meeting macroeconomic conditions entitling to membership in the euro area.

A positive assessment can open the way to adopting a common currency from the beginning of 2026.

The European Commission is obliged to present a report at least once every two years on the fulfillment of convergence criteria by member states that do not belong to Euroland.

In June last year, the EC assessed that Poland does not meet any condition of entering the euro area. EU convergence criteria was also not completed by five other Member States, which still did not accept the common currency.

Bloomberg emphasizes that the report on Bulgaria has not yet been prepared. However, the agency adds that officials who have provided her with information on this matter are of good cheer and believe that the conclusions will be positive. The scales can be tipped by positive information about the progress of Bulgaria in the fight against inflationbecause from the start of the invasion Russia on Ukraine There was possible to keep inflation within the limits.

This country, as Bloomberg explains, has been fulfilling most of the formal criteria for years.

The spokesman for the European Commission informed the Bloomberg agency that the executive authority is currently completing the assessment of the Bulgarian convergence criteria in cooperation with the ECB and intends to draw up a report at the beginning of June. However, he did not comment on possible results of this assessment. The EBC spokesman refused to comment at all.

Most Bulgarian political parties support the adoption of the euro – the agency explains.

However, society itself is strongly divided due to fears of increasing prices. Only one fifth citizens support 2026 as the date of acceptance of the euro – according to poll published on Thursday.

– We are aware of what is happening in connection with the so -called convergism reports – said on Tuesday the president of the Bulgarian central bank Dimitar Radev in the city of Pleven. – Our assessment is that we are completely ready – he added.

Bloomberg emphasizes that Bulgaria would be the second country that adopted the euro over the last decade and one of the few that has done it from the beginning of the debt crisis (2009/2010), which almost led to the fall of the currency zone. The last economy that joined Euroland was Croatia in 2023.

Other EU countries are less willing to start, deciding instead to preserve independent monetary policy and greater freedom in managing crises.

Currently, the euro is an official currency in 20 out of 27 EU Member States. He was accepted by: Austria (in 1999), Belgium (in 1999), Croatia (in 2023), Cyprus (in 2008), Estonia (in 2011), Finland (in 1999), France (in 1999), Greece (in 2001), Spain (in 1999), Netherlands (in 1999), Ireland (in 1999), Lithuania (in 2015), Lithuania (in 2015), Lithuania (in 2015) Luxembourg (in 1999), Latvia (in 2014), Malta (in 2008), Germany (in 1999), Portugal (in 1999), Slovakia (in 2009), Slovenia (in 2007) and Italy (in 1999).

Each country joining the EU signs the Accession Treaty in which it undertakes to accept the euro. However, it is not determined when this will happen.

Condition joining the euro area There is a meeting of four conditions – this is the so -called Maastricht criteria.

One condition regarding stable prices stipulates that Inflation cannot be greater than 1.5 percentage points From the average price level calculated for three countries in the euro area with the lowest inflation.

The second condition applies to public finances and requires that the deficit not be higher than 3 percent. GDP, a public debt He did not exceed 60 percent GDP.

The third condition applies to a stable currency and states that The state wanting to join the euro area must participate in the ERM II exchange rate mechanism for at least two years.

The fourth condition of joining the euro area applies to long -term interest rates. They can be higher by 2 percentage points at most from the average calculated for three countries in the euro area with the lowest interest rates.