Latest news with #ConvergenceReport
Fibre2Fashion
06-06-2025
- Business
- Fibre2Fashion
Bulgaria meets criteria to join euro area in 2026: European Commission
The European Commission has confirmed that Bulgaria is ready to adopt the euro on January 1, 2026, marking a historic milestone as it prepares to become the twenty-first Member State in the euro area. This conclusion, detailed in the 2025 Convergence Report, finds that Bulgaria meets all four nominal convergence criteria and has aligned its legislation with EU requirements. The report, requested by Bulgarian authorities in February 2025, was published alongside the European Central Bank's (ECB) own Convergence Report. It also considers Bulgaria's economic integration, including trade, labour, and financial markets, the European Commission said in a press release. Ursula von der Leyen, President of the European Commission said: 'The euro is a tangible symbol of European strength and unity. Today, Bulgaria is one step closer to its adoption as currency. Thanks to the euro, Bulgaria's economy will become stronger, with more trade with euro area partners, foreign direct investment, access to finance, quality jobs and real incomes. And Bulgaria will take its rightful place in shaping the decisions at the heart of the euro area. Congratulations, Bulgaria!' The European Commission has confirmed Bulgaria's readiness to adopt the euro on January 1, 2026, as outlined in the 2025 Convergence Report. Bulgaria meets all required economic and legislative criteria and will become the twenty-first euro area member. Final approval now rests with the Council of the EU following consultation with the ECB, European Parliament, and Eurogroup. Following the report, the Commission has adopted proposals for a Council Decision and Regulation on Bulgaria's euro adoption. The final approval will come from the Council of the EU after consultation with the European Parliament, the ECB, and discussions within the Eurogroup and European Council. Fibre2Fashion News Desk (KD)
LeMonde
04-06-2025
- Business
- LeMonde
Bulgaria presses ahead toward euro adoption
Despite growing skepticism, Bulgarians are expected to adopt the euro on January 1, 2026. On Wednesday, June 4, the European Central Bank (ECB) gave its final approval for the country of 6.5 million people, located along the Black Sea and a member of the European Union (EU) since 2007, to join the eurozone. Presenting a positive Convergence Report, the Frankfurt-based institution found that all economic and legal criteria had been met, much to the satisfaction of the pro-European government in power in Sofia. Barring any surprises, the move to the single currency should be formally approved on July 8 at an Economic and Financial Affairs Council (ECOFIN) meeting of the eurozone's economy ministers. "This positive assessment of convergence paves the way for Bulgaria to (...) become the 21 st EU member state to join the euro area," said Philip Lane, a member of the ECB's Executive Board. The lev, the currency that has been in use since 1885 − currently worth 1.95 to the euro − is set to disappear. Business circles and the government of Prime Minister Rosen Zhelyazkov, a conservative, have promised that adopting the euro will boost Bulgaria's economy, currently the weakest in the EU. However, the adoption has sparked growing concern among Bulgarians, who fear that companies will use the currency switch to raise prices, potentially reigniting the high inflation seen after the outbreak of war in Ukraine.
