Latest news with #EvaMaydell
Fibre2Fashion
10-07-2025
- Business
- Fibre2Fashion
Bulgaria to become 21st euro area member from January 2026
The Council of the European Union has formally approved Bulgaria's accession to the euro area, with the transition set for January 1, 2026. The lev will be converted at a fixed exchange rate of 1.95583 per euro, aligning with its central rate under the Exchange Rate Mechanism II (ERM II), which Bulgaria joined on July 10, 2020, ECB said in a release. The EU Council has approved Bulgaria's euro area entry from January 1, 2026, with the lev fixed at 1.95583 per euro. Backed by the European Parliament and confirmed by the 2025 Convergence Report, Bulgaria meets all criteria. The ECB has supervised Bulgarian banks since 2020. Bulgaria will be the 21st euro area member, after Croatia in 2023. The decision follows a strong endorsement from the European Parliament, where Members of the European Parliament (MEPs) voted in favour of Bulgaria's adoption of the euro, with 531 votes in support, 69 against, and 79 abstentions. The vote confirms that Bulgaria meets all required convergence criteria, the European Parliament said. 'Today's vote sends a clear signal: Bulgaria is ready to join the Euro area. All criteria have been met, and this step marks a key milestone towards Bulgaria's full European integration - for the country and its citizens,' Rapporteur Eva Maydell (EPP, BG) said after the vote. The European Commission had already confirmed Bulgaria's readiness in its 2025 Convergence Report, published in June following a formal request from Sofia in February. Bulgaria's euro adoption follows years of preparation, including the start of close cooperation between the European Central Bank (ECB) and Bulgarian National Bank in October 2020. Since then, the ECB has been supervising Bulgaria's banking system, directly overseeing four significant institutions and monitoring 13 others. With this transition, Bulgaria will become the 21st member of the euro area. Croatia was the most recent country to adopt the euro, joining in 2023. Fibre2Fashion News Desk (HU)
Euronews
08-07-2025
- Business
- Euronews
European Parliament approves Bulgaria's adoption of the euro
The European Parliament has overwhelmingly voted in favour of Bulgaria's request to join the euro, paving the way for it to become the 21st member of the bloc to use the currency. On Tuesday, 531 MPs voted in favour of a report confirming that the eastern European country meets all the necessary requirements to adopt the euro. In total, there were 69 votes against the proposal and 79 abstentions. 'Today's vote sends a clear message: Bulgaria is ready to join the eurozone,' rapporteur Eva Maydell said. 'All criteria are met, and this step is a major step towards Bulgaria's full European integration – for the country and for its citizens,' she added. The decision must also be approved by member states before Bulgaria can start using the euro in January 2026. It is expected that they will give the plan the green light by the end of Tuesday, according to the European Parliament. In recent months, protests were held in Bulgaria against the country's bid to join the eurozone. On 28 June, thousands of demonstrators gathered in a central square in downtown Sofia to voice their opposition to the move, arguing that it would be better to keep the Bulgarian lev, a position taken by pro-Russian and nationalist parties. Since Bulgaria joined the EU almost two decades ago, it has been beset with political insecurity and corruption, which have helped to fuel euroscepticism among its population. Feeding into that sentiment, opponents of the eurozone have published false claims online about how joining the currency could lead to increased poverty in the country. Economists have said Bulgaria will not feel any significant change in the short term, as the lev is currently pegged to the euro by law.
Euronews
25-06-2025
- Business
- Euronews
Are Bulgarians ready to adopt the Euro in under six months?
As Bulgaria approaches its goal of joining the Eurozone at the beginning of next year, it still faces the challenge of winning the hearts and minds of its public, according to Eva Maydell, the Bulgarian EPP rapporteur for the report recommending the adoption of the single currency by the Central European country. By an overwhelming majority, the Economic and Monetary Committee (ECON) of the European Parliament voted on Tuesday, in favour of the report recommending Bulgaria's accession to the single currency. The vote saw 36 MEPs in favour, three against, and four abstentions. Bulgaria's membership in the Eurozone was endorsed by the EU Economic and Finance Ministers Council (ECOFIN) on 20th June. It will be discussed by the European Council of Heads of State and Government on Thursday and Friday, and formally approved by the European Parliament at its plenary session in Strasbourg scheduled for the week of 7th July. Following the ECON committee vote, Eva Maydell, a member of Bulgaria's ruling GERB party, called on the pro-EU forces in Bulgaria to demonstrate political unity and responsibility after more than five years of internal political instability. The Balkan country has held seven legislative elections in five years and experienced a series of short-term governments. "I very much hope that the pro-European forces will be able to unite and ensure stability, in order to facilitate the smooth adoption of the euro in Bulgaria," Maydell told Euronews. Public opinion in Bulgaria remains divided on the adoption of the single currency, with a significant portion of the population deeply concerned about a potential further decline in purchasing power. Maydell acknowledged these fears, citing a preference among some citizens to retain the Bulgarian Lev, the national currency. Is the Euro popular in Bulgaria? The former centre-right prime minister and GERB's long-standing leader, Boyko Borisov, was forced to resign in 2013 due in part to the unpopularity of the austerity policies his government introduced in preparation for the country's path towards the Eurozone. Today, Bulgaria's public finances are in order, with public debt and deficits well below the Maastricht criteria. However, rising prices continue to worry the Bulgarian public. Inflation has reached 3.5%. According to Eurostat, 30% of the population lives below the poverty line, the highest poverty rate in the EU. "Many Bulgarians believe that when the country joins the Eurozone, it will lose its economic independence and living standards will worsen," said Antoaneta Hristova, a member of the Bulgarian Academy of Sciences. "This sentiment is especially strong due to the unpopularity of the current political elite, including the pro-EU factions." In the October 2024 parliamentary elections, voter abstention reached 62%, with a rise in support for ultra-conservative and anti-European political forces. "There are real fears among citizens, and of course, these are the concerns that we, as politicians, need to address. We must take care of these groups," said Maydell, clarifying that at the EU level, there is a concrete political will to alleviate these concerns and ensure the "smooth adoption of the Euro". An anti-Euro head of state Bulgarian President Rumen Radev proposed a referendum in May to delay the adoption of the Euro beyond January 2026. "Radev proposed the referendum for political opportunism. He is attempting to rally mounting anti-EU sentiment to further his own political ambitions," according to Maydell. Radev's term in office is due to expire in autumn 2026. "There is another issue: the manipulation of public opinion by certain political actors, including President Radev, who are exploiting public fears by suggesting anti-constitutional measures," Maydell said, referring to the referendum.
