Bulgaria will not be able to introduce the euro as early as next year, which was actually the intention. The Bulgarian Ministry of Finance says it is not meeting the criteria set by the European Union in time. The country is now aiming for implementation in 2025, i.e. one year later.
Bulgaria still has the lev as its currency. Sofia hopes that a transition to the euro will stabilize the economy and also boost prosperity. Bulgaria is the poorest country in the EU and is also characterized by political instability.
A number of conditions must be met for accession to the eurozone, but Bulgaria does not meet these in the area of inflation, among other things. Last year it was more than 15 percent in the Southeastern European country.
Another problem is that the Bulgarian parliament has recently been dissolved. As a result, certain laws necessary to introduce the euro cannot be adopted for the time being. This includes anti-money laundering legislation.
New elections are scheduled for April 2. Finance Minister Velkova hopes that a new parliament will soon consider the necessary laws.
- Bulgaria and Romania are not admitted to the Schengen zone, Croatia is