Bulgaria and the euro

Bulgarian Deputy Prime Minister and Minister of Foreign Affairs, Mariya Gabriel, engaged in a productive conversation with the President of the European Council, Charles Michel, regarding Bulgaria's accession to the Schengen area.

Amidst global economic uncertainties, the European Commission offers a cautiously optimistic outlook for Bulgaria, forecasting growth in the country's economy alongside a decrease in inflation. In its winter economic forecast, the EC projects a 2% growth rate for Bulgaria in 2023, highlighting the resilience of the nation's economic activity despite facing various challenges.

Bulgaria's euro coinage will depict two Bulgarian Orthodox saints as well as a 7th or 8th century rock relief dating found in the country's northeast, its central bank announced on Monday.

The Bulgarian National Bank (BNB) has marked a significant milestone in the nation's journey towards full integration into the Eurozone by finalizing the approval of the design for Bulgarian euro coins.

This crucial step underscores Bulgaria's readiness to adopt the euro as its official currency and represents a pivotal moment in the country's preparations for Eurozone membership.

During a meeting in The Hague, Dutch Prime Minister Mark Rutte expressed his strong support for Bulgaria's immediate acceptance as a full member of the Schengen area, including for land borders. Currently, Bulgaria is accepted into the "air and sea Schengen".

Prime Minister Nikolai Denkov is set to embark on a one-day visit to The Hague for discussions with Dutch Prime Minister Mark Rutte. The agenda for their meeting includes bilateral matters, European Union-related issues, and Bulgaria's strategic priorities, notably its aspirations to join the land Schengen and Eurozone.

Addressing the escalating migrant pressure on the European Union (EU), a significant 2 billion euros will be allocated, with a portion of these funds directed towards Bulgaria, according to Prime Minister Nikolai Denkov.

Bulgaria's Prime Minister, Nikolai Denkov, stated in Brussels that the removal of land borders between Bulgaria, Romania, and Greece is not currently under political discussion. Denkov, who anticipates discussions with German Chancellor Olaf Scholz on Bulgaria's priorities during the European Council meeting, highlighted key topics such as Schengen land borders and the Eurozone.

In a significant move toward Eurozone accession, Bulgaria's Council of Ministers has announced that, one month after the official entry date into the Eurozone is disclosed, shop prices will be displayed in both Bulgarian Lev (BGN) and Euro. This dual pricing strategy is set to continue for a year after the Euro becomes the official currency.

Bulgaria is on a tight five-month deadline to fulfill the prerequisites necessary to join the eurozone by January 2025, revealed Deputy Minister of Finance Ivaylo Yajdjiev on January 19. The primary criteria involve lowering the inflation rate and adopting the BNB law to align Bulgaria's central bank with European standards.