Eurogroup Confirms Support for Bulgaria’s Eurozone Accession Efforts

BRUSSELS/SOFIA – The Eurogroup has expressed its support for Bulgaria’s ambitions to adopt the euro as its national currency, contingent upon meeting the established criteria, which will undergo assessment this spring. This information comes from a letter written by Eurogroup President Paschal Donohoe to European Council President António Costa.

In the letter, Donohoe commends Bulgaria’s dedication and encourages further actions to ensure sustainable economic convergence. He also mentions that Bulgaria has recently sought an urgent report to evaluate its readiness for eurozone membership.

Donohoe highlights that the eurozone economy remains robust despite global uncertainties, emphasizing the importance of maintaining stable public finances to ensure the necessary resources for addressing strategic financial priorities.

“In a time marked by increasing tensions in global economic relations, it is crucial for us to engage with our international partners and showcase a strong and unified European presence on the world stage. Given the size of our economy, we must assert our role in influencing global economic policies,” stated the Eurogroup President. To address future financial needs, he advocates for the establishment of a Capital Markets Union and stresses the urgency of advancing the introduction of the digital euro to maintain Europe’s strategic autonomy.

Last month, Donohoe reaffirmed his support for Bulgaria’s goal to adopt the euro at the right time. Bulgaria became part of the Exchange Rate Mechanism ERM II and the Banking Union in July 2020, following the Eurogroup’s approval to commence this process in mid-2018.

At the end of February this year, the Bulgarian government and the Bulgarian National Bank (BNB) submitted requests for extraordinary assessments from the European Commission and the European Central Bank to gauge the nation’s readiness for eurozone membership. The aim is to have these assessments completed within three months, with hopes of adopting the common currency by January 1 of the following year. (March 13)