Latest news with #TemenuzhkaPetkova
The Journal
08-07-2025
- Business
- The Journal
Get to the bank, Sofia... Bulgaria is about to become the newest Eurozone member
EUROPEAN FINANCE MINISTERS are expected to approve Bulgaria's pathway to the Eurozone today, making it the 21st country to use the currency. Bulgaria, which uses the Bulgarian Lev, will adopt the Euro on 1 January 2026. The country's path to join the eurozone has had a stormy political backdrop, with seven elections in the last three years. Advertisement Many Bulgarians are against switching to the euro over worries it will lead to a rise in the cost of living. Proponents in Bulgaria believe the move will help improve Bulgaria's economy and citizens' lives. Speaking to reporters in Brussels this morning, Bulgarian finance minister Temenuzhka Petkova said her country's government expects 'full support' from all member states. Petkova, who is also the country's deputy prime minister, added: 'We are on the verge of realising a strategic goal for our country.' Croatia was the last country to join in 2023, bringing the total to 20. Bulgaria wanted to adopt the euro sooner, but the EU said its inflation was too high to meet the necessary criteria. It came at a period of high inflation for many member states. EU states that want to join the single currency must demonstrate that their economy has converged with other eurozone countries and that they have their finances under control. The current conversion rate is 1 Lev to 0.51c. Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
Reuters
24-02-2025
- Business
- Reuters
Bulgaria to ask for EU assessment on its readiness to adopt euro next year
SOFIA, Feb 24 (Reuters) - Bulgaria will ask the European Commission and the European Central Bank for an assessment on whether the Balkan country meets all criteria to join the euro zone in January next year, its finance minister said on Monday. "The latest data showed Bulgaria had met the inflation target," Finance Minister Temenuzhka Petkova said, referring to its inflation rate of 2.6% in February. To join the euro zone, a country's inflation rate cannot be higher than 1.5 percentage points above the rate of the three best-performing member states. Bulgaria, which is the EU's poorest country, has stated its aim to join the euro zone next January. It is yet to adopt its 2025 budget which will set the deficit target at 3% of gross domestic product, the limit for euro zone membership. Economists say that Bulgaria, whose currency, the lev, has been long pegged to the euro, would attract more foreign investment if it adopted the single currency and would secure credit ratings upgrades that could cut its debt financing costs. Bulgarians are divided over the introduction of the euro, with many worrying that it will cause prices to skyrocket, as happened in Croatia when it adopted the euro in 2023. On Saturday several thousand supporters of Bulgaria's ultra-nationalist Revival party scuffled with police while trying to storm the building of a European Union mission during a protest against introducing the euro.
