The Bulgarian Ministry of Finance expects that Bulgaria will satisfy the inflation criterion by the year's end, as per the ministry's models. Deputy Minister of Finance Metodi Metodiev highlighted this during the "Introduction of the Euro: Risks and Challenges: The Experience of Croatia" conference. Although the latest inflation figures reflect a declining trend, the reduction thus far remains insufficient.
When can we expect Bulgaria to join the Eurozone?
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Bulgaria
Author: Kristina Dosen
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Fiscal subject related
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Content accuracy validation date:
07.06.2024
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The ministry also announced that the National Assembly could deliberate and vote on the Law on the Introduction of the Euro by the summer's end, given the current preparatory state. While this legislation is domestically formulated and not subject to European Commission evaluation in regular convergence reports, the law concerning the Bulgarian National Bank forms a part of this process, with Metodiev expressing confidence in a positive assessment of Bulgaria's legislative compliance.
The most favourable scenario for business and the economy would be for Bulgaria to join the Eurozone in 2026, as announced by the Ministry.
In the terms of the Law on the Introduction of the Euro as an Official Currency, it is stated that the Law on the Introduction of the Euro could be approved by the National Assembly before the summer concludes, according to acting Deputy Finance Minister Metodi Metodiev's projection today. Metodiev also stated that Sofia is expected to meet the inflation criteria required for Eurozone entry by the year's end, based on the department's models. Key legislative tasks prior to eurozone entry include enacting two significant laws: the new law on the Bulgarian National Bank and the law on the introduction of the euro. Unlike the Law on the BNB, which was adopted in February and evaluated in the regular convergence report, the Law on the introduction of the euro, crafted over the past year and a half, will not undergo European Commission assessment.
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