Multi-speed Europe

“The course of Greek economy is clearly better than the average for the Eurozone and the EU for

The European Central Bank (ECB) is expected to inform Bulgaria today that the country is not ready to join the Eurozone at the beginning of 2025, according to Politico. At noon, the European Commission will release reports on the convergence of EU member states planning to adopt the single currency.

The Bulgarian Ministry of Finance anticipates that the country will achieve the inflation benchmark required for Eurozone membership by the year's end. Following this achievement, Bulgaria plans to formally request the European Commission (EC) and the European Central Bank (ECB) to prepare an extraordinary convergence report, as stated by the Ministry of Finance.

The commitment to fiscal seriousness is independent of the EU's fiscal rules, as healthy public finances are a prerequisite for sustainable development, Minister of National Economy and Finance Kostis Hatzidakis said on Monday at an event organized by the State Budget Office in the Parliament, in the context of the annual OECD conference on public finances, hosted by Greece.

The Greek government and the European institutions responsible for banking supervision and financial stability, such as the Single Supervisory Mechanism and the European Stability Mechanism, co-shape the provisions for the reforms promoted by the Ministry of National Economy and Finance in the Superfund, the Hellenic Financial Stability Fund (HFSF) and the state asset utilization fund (TAIPED).

Vice President Iliana Yotova emphasized Bulgaria's imperative to maintain momentum towards joining the Eurozone during a forum dedicated to the country's Eurozone accession prospects.

Ylva Johansson, the European Commissioner for Internal Affairs, expressed optimism about the potential removal of internal land borders in Bulgaria and Romania within the Schengen Area by the end of 2024. Johansson made these remarks during discussions with journalists in Luxembourg, coinciding with the start of a two-day EU Council meeting on Justice and Home Affairs, as reported by BTA.

The potential new foreign minister of the Netherlands, Caspar Veldkamp, who was previously against Bulgaria's entry into the Schengen Zone by land, is likely to assume office, according to sources in The Hague reported by Bulgarian media "Club Z".

A challenge persists in admitting Bulgaria and Romania to the Schengen area via land routes, with sources from the Belgian presidency of the Council of the EU indicating resistance from a small group of countries, as reported by BNR. The topic is slated for discussion on June 13 during a meeting of interior ministers in Luxembourg.

By mid-2025, Bulgaria will be ready to join the Eurozone, according to Acting Deputy Minister of Finance Metodi Metodiev. He predicts that by the end of this year, Bulgaria will meet the inflation criterion, which is currently the only unmet requirement for euro adoption. This progress will allow Bulgaria to request an extraordinary report.