Valdis Dombrovskis, the Executive Vice President of the European Commission, stated that Bulgaria could join the Eurozone in 2025 if all conditions are met, writes Reuters.
In mid-February, Bulgaria canceled its plans to introduce the euro in the country in January 2024. It has not managed to achieve the set goals for reducing inflation, nor have particular changes in legislation been introduced. Dombrovskis told Nova TV channel that the right moment for the country to join the eurozone could be the 1st of January, 2025.
Bulgaria has indicated that it will try to do everything in order to be able to join the eurozone already in the second half of 2024. Dombrovskis replied that the usual way is to introduce the euro at the beginning of the year.
He added that rising inflation, fueled by high energy costs, meant that Bulgaria had to push back the originally planned deadlines.
In Central and Eastern Europe, prices have risen substantially, and Bulgaria’s annual inflation rate in 2022 was the eighth highest in the bloc: 14.3%.
Dombrovskis said Bulgaria, which will hold its fifth election in two years in April, needs to create regulations in line with the eurozone, including anti-money laundering legislation.