In Bulgaria’s Parliament, Scepticism Grows About Adopting the Euro

A Sofia city tram carries an advertisement depicting the Euro currency and a map of the country, in January 2007, days after Bulgaria became a member of the EU. Photo: EPA/VASSIL DONEV

"Bulgaria faces some internal challenges such as lower energy efficiency, high energy intensity in the economy, problems with the gas supply, unpredictability of this supply in the medium term, as well as all those soaring prices," Karimanski, a member of There's Such a People, one of the four parties in Bulgaria's ruling coalition, and also head of parliament's Committee on Budget and Finance, told media.

Karimanski organised a discussion on Tuesday with other finance experts about inflation in Bulgaria.

He remarked that according to the criteria for candidates to adopt the single European currency, domestic economies must have inflation of up to 2 per cent within the year preceding the entry, but inflation in Bulgaria rose to 14.4 per cent in April on an annual basis.

Opinions that Bulgaria should extend the deadline to become a member of the euro currency zone started to be voiced the government on May 27 approved the National Plan for the Euro Adoption from 2024.

While Prime Minister Kiril Petkov and his party We Continue the Change were positive about Bulgaria's strategy to adopt the euro in two years, their coalition partners don't see it as realistic.

Joining the euro currency zone has also been criticised by Bulgarian parties that are soft on the Kremlin's politics.

The Bulgarian Socialist Party, which is also a coalition member, was one of those to express concerns.

"We are the most underdeveloped country in the EU. This puts us in a special position. There is no way the EU's common currency would be equally good for both...