Bulgaria joins the euro area

The country has held a fixed exchange rate to the euro since the 1990s and has been seeking to join the euro area since joining the EU in 2007. It has now been given the green light by the European institutions. According to a report by the European Commission and the European Central Bank, Bulgaria has stable inflation, low debt, sound public finances and a sufficiently independent central bank.

MEPs backed the move as an important signal of confidence in the monetary union. The rapporteur for the proposal was Bulgarian MEP Eva Maydell, who described the adoption of the euro as a historic moment for the country and the EU.

At the same time, the report warns that Bulgaria must continue to work on strengthening the rule of law and the quality of public administration. Better enforcement of anti-money laundering rules also remains a challenge.

There was also a critical voice. A minority opinion in the parliamentary report warned against political pressure to adopt the currency quickly without a broad public debate. The euro has long been debated in Bulgaria, but a referendum on the issue has not been allowed.

The final decision on Bulgaria's entry into the eurozone has yet to be confirmed by the EU Council, which is expected to do so in the coming weeks.