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Bulgaria plans to adopt the euro and become the 21st member state of the eurozone.The Bulgarian lev has been on a currency board since 1997, with a fixed exchange rate initially against the Deutsche Mark and subsequently its replacement the euro.
The enlargement of the eurozone is an ongoing process within the European Union (EU).All member states of the European Union, except Denmark which negotiated an opt-out from the provisions, are obliged to adopt the euro as their sole currency once they meet the criteria, which include: complying with the debt and deficit criteria outlined by the Stability and Growth Pact, keeping inflation and ...
Government policy on euro adoption Convergence criteria compliance [21] (as of June 2024) Notes Bulgaria: Lev (BGN) 1.95583 [nb 1] 2007-01-01 2020-07-10 Euro adoption on 1 July 2025 [22] Compliant with 4 out of 5 criteria (all except inflation) [23] The Bulgarian government expects to be in compliance with all criteria by the end of 2024 [23 ...
The Balkan country, a European Union member since 2007, hopes to join the precursor to eurozone membership, the ERM-2 exchange rate mechanism, by the end of April and adopt the euro in 2023.
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
In Europe, the euro is used in 26 countries (including Kosovo), while the Swiss franc is used in two countries. All 23 other widely recognized states each have their own national currency. All 23 other widely recognized states each have their own national currency.
If Bulgaria follows the standard path to euro adoption, it would use the euro two years after joining the European exchange rate mechanism (ERM II) (a formality given the lev's peg to the euro). In late 2010, given Bulgaria's improving economy, analysts thought that Bulgaria would join the ERM II the following year. [21]
Government policy on euro adoption Convergence criteria compliance [2] (as of June 2024) Notes Bulgaria: Lev (BGN) 1.95583 [4] 2007-01-01 2020-07-10 Euro adoption on 1 July 2025 [5] Compliant with 4 out of 5 criteria (all except inflation) [6] The Bulgarian government expects to be in compliance with all criteria by the end of 2024 [6] Czech ...