The European Commission has scheduled a date for the convergent report on the euro
The European Commission indicated for the first time on Wednesday an indicative date for the publication of the extraordinary report on Bulgaria’s readiness to accept the euro, which the government filed in February.
The evaluation of the implementation of the euro area membership criteria will be decisive for scheduling a date for the entry of Bulgaria in the circle of 20 countries that use the common currency.
According to a spokesman for the European Commission, the report will be published as part of the spring cycle of the European semester an annual cycle of coordination of economic and fiscal policy.
| « You can expect our position to be presented in the context of the European Semester Spring Package, which is scheduled for the beginning of summer, » said a spokesman for the European Commission on Wednesday. |
Eurozone leaders welcomed Bulgaria’s progress to the euro
This is the first refinement of the time of publication of the special report.
According to the preliminary schedule of important initiatives of the European Commission this year, the spring cycle reports are expected to be published on June 4S
In order for a date for the entry of Bulgaria to the euro area, the report must indicate that it is fulfilling four basic conditions:
- Public Finance Stability (Budget Balance and Government Debt)
- exchange rate
- long -term interest rate stability
- Price stability (inflation).
The Minister of Finance and the BNB Governor officially requested a report on the euro area
- retention of inflation In the parameters required to guarantee price stability
- adoption of medium-term fiscal-structural plan
- accepting a balanced A budget for 2025 with a deficit less than 3% of GDP
- adoption of legal changesrelated to the BNB’s independence to oblige the BNB manager and Deputy Governors to resign from their posts if they accept to head an official government
- continuation of The commitments made upon entering ERM IIa financial mechanism known as the « waiting room for the euro ».
Of the five criteria, it is not only accepted only the legal changes to the BNB, with parliament considering projects, but it has not accepted them.
At the request of the Bulgarian government, the European Central Bank is also preparing an extraordinary assessment of the willingness to enter the euro area. As the two institutions, they will coordinate the date of publication. However, the European Commission report has a greater weight for both the Eurogroup Financial Ministers and the European leaders, who will have to indicate the date from which Bulgaria will move on to the use of the common currency, becoming the 21st country of the euro area.
