The EU Commission sees Bulgaria as next country to join eurozone. It was “undoubtedly next member of eurozone,” said EU monetary commissioner Pierre Moscovici at a finance ministerial meeting in Sofia. But do not rush and prepare step thoroughly instead.
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There are currently 19 of 28 EU countries in monetary union. Lithuania was last joined in year 2015. Compliance with so-called convergence criteria is a prerequisite. This includes a budget deficit of no more than three percent of economic output and a total debt of no more than 60 percent.
Bulgaria complies with se guidelines in exemplary terms. Last year, it had a budget surplus of 0.9 percent of economic output. And total debt was 2017 with 25.4 percent third lowest in EU.
Negative examples Greece
In Bulgarian television, however, Moscovici pointed out that overall situation had to be considered. He also cited Greece as a negative example, which in financial crisis almost reemerged from eurozone and brought monetary union as a whole into severe turbulence. “If you look at or countries like Greece, you might be too quick to join, not enough preparation,” said Moscovici.
Furr convergence criteria for accession of euro are targets for inflation, long-term interest rates and exchange rate of national currency. Bulgaria’s head of government Boiko Borisov said on Thursday that his country could accede to European Exchange Rate Mechanism (ERM II) within one year. A corridor will be set for national currency in which its exchange rate may move.
