Bulgaria has formally requested convergence reports from the European Central Bank (ECB) and the European Commission to assess its readiness for euro adoption. These reports, expected within two to three months, will evaluate Bulgaria’s compliance with economic and monetary criteria but will not provide a final decision. The government remains confident in meeting the necessary conditions for transitioning to the euro by January 1, 2026.
Bulgaria formally requests convergence reports for euro adoption.
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Bulgaria
Author: Nikolina Basić
Category:
Fiscal subject related
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Content accuracy validation date:
10.03.2025
Content accuracy validation time:
08:20h
Bulgaria has taken a step toward euro adoption by officially requesting the preparation of extraordinary convergence reports. The request was signed by the Governor of the Bulgarian National Bank (BNB), Finance Minister, and addressed to European Central Bank (ECB) President and European Commission President.
Convergence reports, expected within the next two to three months, will evaluate Bulgaria's compliance with the economic and monetary criteria required for eurozone membership. Although these reports will not render a final decision, they will provide recommendations on Bulgaria's readiness. The ultimate decision rests with the leaders of the Eurozone member states and Denmark.
The prime minister emphasized the importance of the convergence report, expected in June, which will assess Bulgaria's alignment with the necessary economic criteria. He expressed confidence in Bulgaria's readiness for the euro transition by January 1, 2026, based on evaluations from the European Commission, ECB, and other EU institutions such as ECOFIN, the Eurogroup, and the European Parliament.
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