A plan to join the euro area from 1 January 2024 was endorsed today by the government of Bulgaria, putting an end to scenarios that the coalition government had... second thoughts on the issue.
Political uncertainty and the holding of a total of three elections last year had delayed the whole discussion and plan to join the euro after Bulgaria, together with Croatia, had been admitted to the ERM-2 mechanism in 2020, which is a mandatory stage for joining the eurozone.
Bulgaria has already linked its currency, the lev, to the euro which Finance Minister Arsen Vassiliev explained means that his country has already de facto adopted the euro.
Clear timetable
According to Mr. Vassiliev, the plan offers a clear timetable for banks and other payment institutions to prepare and adapt to the new circumstances.
However, two of the governing coalition parties split their position and did not agree with the plan, considering that there is insufficient data and analysis on the part of the central bank regarding how eurozone membership will affect the economy and citizens' incomes.
The government has pledged that the issue will be discussed extensively in parliament, but also in public forums.
Source.gr
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