The final decisions on Bulgaria's accession to the eurozone on January 1 next year are being voted on today by the European Parliament in Strasbourg and the Council of EU in Brussels after a process that has lasted for decades. Bulgaria submitted an application for EU membership, supported unanimously by the National Assembly, in December 1995. The beginning of the path to the introduction of the euro and Bulgaria's entry as a full member of the eurozone was set with the agreement on joint actions for the accelerated accession of Bulgaria to the Economic and Monetary Union and the successful introduction of the euro in Bulgaria, signed on November 25, 2004 by Minister of Finance Milen Velchev and Governor of the Bulgarian National Bank Ivan Iskrov, BTA recalls. 

The agreement reflects the country's commitments that upon becoming an EU member from January 1, 2007, it would also introduce the euro. On April 25, 2005, Bulgaria and Romania signed the EU Accession Treaty. On the Bulgarian side, the agreement was signed by President Georgi Parvanov, Prime Minister Simeon Saxe-Coburg-Gotha, Minister of Foreign Affairs Solomon Passy and Minister for European Affairs Meglena Kuneva. On 1 January 2007, Bulgaria and Romania officially became the 26th and 27th EU member states.

The beginning of the practical preparation for the introduction of the euro in Bulgaria was set with the establishment of the coordination council for the preparation of the country for membership in the eurozone by Decree 168 of the Council of Ministers of 3 July 2015.

On 12 July 2018, at a meeting in Brussels, the ministers of the eurozone countries announced their readiness for Bulgaria to be admitted to the so-called waiting room of the common European currency. The entry into the "waiting room" became a fact in 2020. The target date for adopting the euro was 1 January 2024, but the process has been delayed.

In August 2024, the National Assembly adopted the Law on the introduction of the euro in Bulgaria. It regulates the principles, rules and procedures for the introduction of the euro as the currency of this country.

The convergence reports requested by Bulgaria this year gave a positive assessment of the country's readiness to enter the eurozone.

Editor: Miglena Ivanova

Publication in English: Alexander Markov

Photo: Reuters