The acceptance of the euro as the official currency in Bulgaria is delayed
Bulgaria will not adopt the euro on 1 January 2024.
This was announced by Finance Minister Rositsa Velkova.
Inflation is the main reason for not accepting the euro in 2024.
The inflation criterion stipulates that there should be price stability in the candidate country and that the average inflation rate over a period of one year before the performance review is carried out should not exceed by more than 1.5% that existing in at most three member states with the lowest inflation.
Bulgaria needs several months to meet this criterion, Minister Velkova said in her statement.
When can the adoption of the euro be postponed?
Within the EU, it has been agreed that Bulgaria should aim for a new euro adoption date one year ahead, which would mean 1 January 2025, but there is no legal obstacle to the accession not being at the beginning of the year, but simply from another date.
According to Velkova, it could happen at Easter next year, but it could also be moved to 1 July 2024, 1 January 2025 or a later date, depending on inflation indicators.
Recall that the EC foresees that the reduction in inflation for 2024 will be within acceptable norms.