The convergence reports on Bulgaria, issued by the European Commission and the European Central Bank, are expected to receive broad support from all Eurozone countries. This was confirmed to BNR by a Brussels source ahead of Thursday's Eurogroup meeting in Luxembourg, which will bring together finance ministers from the euro area. Bulgaria will be represented at the meeting by Finance Minister Temenuzhka Petkova and Bulgarian National Bank Governor Dimitar Radev.

The reports - both of which were described as positive - pave the way for Bulgaria's accession to the eurozone. The Commission has recommended that Bulgaria adopt the euro on January 1. According to the Brussels official, Bulgaria has long been prepared for membership, having operated under a currency board arrangement for decades. ?Bulgaria has effectively been using the euro since the 20th century,? the source said, pointing to the country's long-standing commitment to exchange rate stability and its efforts to implement necessary reforms for successful participation in the monetary union.

During the meeting in Luxembourg, the Eurogroup is expected to formulate a recommendation to the European Council in support of Bulgaria's entry into the Eurozone. That recommendation is due to be officially adopted the following day during the Economic and Financial Affairs Council (ECOFIN), which will also be held in Luxembourg. The final decision at the EU leadership level is anticipated at the European Council meeting scheduled for the end of next week.

Following that, the matter will be brought before the European Parliament during its July plenary session in Strasbourg. The process will conclude with another ECOFIN meeting later that month, during which a legal act will be adopted, officially confirming Bulgaria as the 21st member of the eurozone.

EU Finance Ministers Express Backing for Bulgaria's Eurozone Accession

Finance ministers from European Union member states have given their support for Bulgaria's accession to the eurozone, according to a draft statement obtained by BNT. The document is expected to be officially adopted following the upcoming discussions within the Eurogroup and the ECOFIN Council, scheduled for Thursday and Friday in Luxembourg. A final decision on Bulgaria's adoption of the euro - targeted for January 1, 2026 - is set to be made by the EU Council on July 8 in Brussels.

The draft confirms that the Council of the European Union concurs with the European Commission and the European Central Bank in recognizing that Bulgaria meets the legal and convergence requirements for joining the euro area. The finance ministers welcome the Eurogroup's recommendation in favor of Bulgaria's euro accession.

In their message, they urge the Bulgarian government to continue pursuing sound fiscal policies beyond 2026 and to step up the implementation of structural reforms and investments outlined in the Recovery and Resilience Plan. These measures, they emphasize, are crucial for sustaining compliant inflation levels and ensuring Bulgaria's successful integration into the monetary union.

Finance Minister Temenuzhka Petkova is expected to represent Bulgaria at the forthcoming meetings in Luxembourg.

Sources:

• BNR
• BNT