Bulgaria’s path towards the euro area
Bulgaria's path to the euro area is mapped out with the Treaty on the Accession of Bulgaria to the European Union. By signing it Bulgaria has committed to adopt the euro as its national currency as soon as it meets all the numerical Maastricht criteria.
With Bulgaria's accession to the euro area, we will become part of a community in which nearly 350 million citizens of 20 EU Member States use the euro as their national currency. Membership in the world's most advanced monetary union brings significant political and reputational benefits, although these cannot be quantified. By integrating more deeply into the core of EU policymaking, thus getting closer to some of the most developed countries in Europe, Bulgaria will take a major step forward in separating itself from the EU "periphery".
Bulgaria's full integration into the core of the Economic and Monetary Union is important in view of the current geopolitical and economic situation. This will not only make the country more prepared for the current and the subsequent crises it may face in the future, but will also enhance our country's role in decision-making within the EU, which will further contribute to our national sovereignty.
Alongside the economic benefits, the introduction of the euro is also expected to lead to institutional convergence with the developed EU countries, especially in terms of the quality of institutions in Bulgaria and the citizens' trust in them. Improving the quality of the Bulgarian institutions will have both social and economic benefits.