Bulgaria's Euro Dreams Shattered: European Commission Drops Bombshell

The European Commission's latest report on convergence has determined that Bulgaria does not meet the necessary conditions for adopting the euro. This conclusion, announced today, affects Bulgaria along with five other EU member states that are not yet part of the Eurozone.

According to the report, Bulgaria falls short specifically on the criterion of price stability while meeting the criteria for sustainable public finances, exchange rate stability, and long-term interest rates. Among these countries, Bulgaria stands out as the only one failing just one of the four criteria, while its legislation is deemed compatible with the rules of the economic and monetary union.

Sweden fulfills the price stability criterion. Bulgaria and Sweden fulfill the criterion for public finances. The Czech Republic is expected to implement it based on the EC Article 126(3) report of 19 June Bulgaria, the Czech Republic and Sweden fulfill the criterion for long-term interest rates. Bulgaria fulfills the criterion of exchange rate stability. None of the other candidate countries for the Eurozone are part of the so-called waiting room for the euro. This is ERM II - the European Monetary Mechanism, in which a country must be at least two years before the introduction of the single currency. The EC's report is complemented by the European Central Bank's (ECB) report on convergence, which was also released today.

Public sentiment in Bulgaria regarding the euro reflects mixed opinions, with recent Eurobarometer data showing less than half of Bulgarians in favor of euro adoption. Comparatively, Romania and Hungary show higher levels of support, while skepticism remains prevalent in Poland. Despite this, a significant majority in Bulgaria anticipates the euro's...