June 6, 2022
Bulgaria satisfies three of the four economic convergence criteria required for membership in the Eurozone. This is according to a report released by the European Commission. Bulgaria meets the criteria for stable and sustainable public finances, currency rate stability, and long-term interest rates. We don’t just talk about price stability criteria.
Croatia is the only Eurozone contender who fits all four criteria. The Commission has reached the conclusion that it is prepared to adopt the euro on January 1, 2023. The former Yugoslav republic’s legislation complies with the EU Treaty as well as the Statutes of the European System of Central Banks and the European Central Bank (ECB).
“Although none of the other six countries meets all the criteria at this stage, Bulgaria hopes to join the Eurozone in 2024. We will continue to work closely with Bulgaria, as we have done with Croatia, to support its efforts to achieve this. This goal is only at hand, provided that it meets all the criteria,” said EU Economic Commissioner Paolo Gentiloni.
Only Denmark will continue to use the krone as its currency.
The ECB’s own convergence report, which was also released, adds to the Commission’s view. As a result, there will be a total of 20 EU member states that use the single European currency.
The Commission’s Convergence Report for 2022 evaluates the progress of the seven nations that have yet to join the eurozone. Bulgaria, Romania, Croatia, Czech Republic, Poland, Hungary, and Sweden are among them.
After the Eurogroup and the European Council have examined the subject, the EU Council will make the final decision on Croatia in the first half of July. The European Parliament and the European Central Bank must also express their opinions.
Source: novinite.com
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