Announcement due as soon as Friday on entry into ERM-2 Joining the pre-euro exchange-rate mechanism will mean that “things are becoming pretty much irreversible.”The Balkan country has kept its finances stable in a bid to join the euro-area waiting room known as ERM-2, along with the bloc’s banking union, by end-April. Georgieva said the European Central Bank President Christine Lagarde “sees very positively” Bulgaria’s push for eurozone entry and told her at the World Economic Forum in Davos that “it seems Bulgarian would soon be spoken in my hall where eurozone meetings take place”. It operates with a fixed lev-euro rate, which both the government and the central bank plan to keep until the currency switch, Radev said.
Adopting the euro and thereby becoming a de jure member of the euro area would enhance Bulgaria's position by giving it a voice within the ECB.Moreover, the fact that the lev is pegged to the euro at a fixed exchange rate also means that Bulgaria cannot devalue its currency in order to make its exports more competitive. Bulgaria’s parliament adopted on Thursday (6 February) changes to the country’s central bank law so as to allow its accession to the “waiting room” of the eurozone. Bulgaria, whose lev currency is already pegged to the euro, meets the nominal criteria to adopt the single currency, with healthy public finances and low debt, but is also one of the EU’s poorest and most corrupt member states.
The earliest possible date for the adoption is Jan. 1, 2023, the official said.The lev is already pegged to the euro, while the kuna fluctuates within a tight band as part of the two countries’ preparations for joining the currency blog. Bulgaria committed to switching its currency, the lev, to the euro upon its joining the European Union in 2007, as stated in its EU accession treaty.
Reporting by Tsvetelia Tsolova, Editing by William MacleanFILE PHOTO: IMF Managing Director Kristalina Georgieva attends a news conference ahead of the World Economic Forum (WEF) in Davos, Switzerland January 20, 2020. The two European Union nations were admitted into … “Bulgaria as a whole stands very well.
Therefore, Bulgaria would not lose anything in this regard by adopting the euro.Other advantages of adopting the euro include the improved supervision of Bulgaria's systemically important banks once it has joined ERM II together with the Banking Union, and the decreased cost of borrowing and full access to the rescue packages of the euro area that are intended to deal with the economic effects of the 2020 Finally, on 29 June 2008 it was announced that 25.44% of the Bulgarian voters had chosen the Madara Horseman to be depicted on future euro coins.The euro coins only have the Latin "EURO" on their common side. The other four existing eastern members are Estonia, Latvia, Slovakia and Slovenia.The ECB will set a base rate for the conversion of Croatia’s kuna and Bulgaria’s lev into euros as soon as Friday, the people said. SOFIA (Reuters) - Bulgaria’s plans to enter the eurozone’s waiting room this spring and adopt the euro currency in 2023 are “completely foreseeable”, the head of the International Monetary Fund said on Sunday.
“Of course one should not say ‘hop’ until one jumped, but things are looking very good,” she said. Besides not complying with the requirement to be an ERM-II member for two years, Bulgaria also did not satisfy the price stability criterion in 2008. Published : January 26, 2020. They’ve also had to keep inflation, government debt and budget deficits in check to qualify for the switch.
The Balkan country, a European Union member since 2007, hopes to join the precursor to eurozone membership, the ERM-2 exchange rate mechanism, by the end of April and adopt the euro in 2023.
Georgieva, who is of Bulgarian origin, said eurozone entry will be beneficial for the country and provide more monetary security and shield it from global uncertainty.
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when will bulgaria adopt the euro