Bulgarian MPs Push for Faster Euro Adoption Despite Feasibility Concerns

Bulgarian MPs have called for the accelerated adoption of the euro, but the finance minister explained that this was not feasible. The Committee on Budget and Finance voted on a decision urging the caretaker government to expedite the practical preparations for the euro's adoption in Bulgaria. This draft decision was submitted by Boyko Borissov and several representatives from GERB.

The proponents argue that political instability and the lack of a regular government necessitate a consensus around the priority adoption of the law for the euro's introduction in the current parliament. They outlined several key demands:

Firstly, the Council of Ministers, in coordination with the Bulgarian National Bank and other relevant institutions, should complete the preparation of the regulatory framework for the euro's implementation by the end of 2024 to ensure legal and institutional security for businesses and citizens.

Secondly, the Council of Ministers and the Bulgarian National Bank should finalize the technical preparations for the euro's adoption no later than the end of the first quarter of 2025.

Thirdly, the Ministry of Finance must ensure compliance with the nominal convergence criteria for the government deficit and debt, as well as the long-term interest rate, while coordinating with the Bulgarian National Bank to meet the price level criterion.

Finally, Bulgaria should adopt the euro while maintaining the official exchange rate of 1.95583 leva per euro.

However, the proposed deadlines for the Council of Ministers and the Bulgarian National Bank posed a problem. Acting Finance Minister Lyudmila Petkova explained that there would be no decision by the Council of the European Union on the euro's introduction before the end of...