Bulgaria has a real chance of joining the eurozone in 2025 because it will be able to meet all the conditions for membership, Finance Minister Asen Vasilev said after an informal meeting of economic and finance ministers in Ghent last week.
“We are following the plan for the euro,” said Vassilev following a meeting with Christine Lagarde from the European Central Bank, Eurogroup President Pascal Donahue, Economy Commissioner Paolo Gentiloni, and Trade Commissioner Valdis Dombrovskis on Friday.
“All forecasts – both of the European Commission and the ECB show that the last criterion that we have not fulfilled – the inflation criterion – will be fulfilled in 2024, which opens membership in 2025,” Vassilev added, as quoted by the press centre of the Finance Ministry.
According to him, joining the eurozone requires a stable political environment and a regular government, which means that the cabinet rotation between the ruling formations – We Continue the Change – Democratic Bulgaria (PP-DB) and GERB – should take place in March. PP-DB Prime Minister Nikolai Denkov would give up the post to current Interior Minister Mariya Gabriel (GERB).
“The entire legislative program has already been adopted, that is, we have no legislative obstacles from now on. All that remains is the law on the adoption of the euro, which is currently in consultation with the European Commission and the European Central Bank,” Vassilev commented.
The finance minister added that Bulgaria had a deficit of 2.2% last year, which was within permissible limits.
“This year we are again in the criteria, in order to be able to continue the financial policy and the intensive work on the introduction of the euro, political stability is necessary,” he said. In response to a question, the Finance Minister said that the ECB and the EC forecast average annual inflation to be around 3% this year.
A month ago, Denkov hinted that Bulgaria might not join the eurozone on 1 January 2025, but on 1 July of the same year. The reason is that the ECB can give the country a few more months to get its inflation under control.
(Krassen Nikolov | Euractiv.bg)
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