If maximum efforts are made, Bulgaria could join the euro area on July 1, 2024, Finance Minister Rositsa Velkova said. It is likely that by July this year Bulgaria will be able to meet the inflation target, she said on the "Sunday 150" programme of the Bulgarian National Radio.
Bulgaria could possibly cover the inflation criterion by July, albeit not 100%, and it could be treated as in the case of Croatia where the countries with the lowest inflation were excluded.
An important Maastricht criterion for joining the European monetary mechanism is price stability, measured by inflation, which should not be more than 1.5% above the three members with the lowest inflation.
According to Velkova, considering the resolution of the 48th National Assembly on stepping up action for Bulgaria’s adoption of the euro, the next parliament could consider and pass the requisite four bills the Ministry of Finance will table again for consideration.
This will enable Bulgaria to submit an application for an extraordinary convergence report to join the Eurozone on July 1, 2024, the Finance Minister said, adding that within the context of talks held with European Commission, if the entire process goes smoothly, there will be no legislative or normative problem for Bulgaria to join the Eurozone on 1 July, 2024.
This would be a precedent, for so far no state has acceded to the Eurozone on a date other than 1 January, but that is neither forbidden, nor impossible, Velkova said.
On 17 February Velkova told a news conference that Bulgaria will not adopt the euro as of 1 January, 2024.