What is the convergence report that we are waiting for in June?

The European Commission has set the date for publishing the extraordinary convergence report on Bulgaria's readiness to adopt the euro for June 4. Our country submitted its request for admission to the eurozone in February. The assessment of the fulfillment of the membership criteria will be decisive for setting a date for Bulgaria's entry among the 20 countries that use the single currency.

What is this report, on which much depends, and some Bulgarians continue to have their fears of change?

"Focus“ provides information that could shed more light on the prospects for Bulgaria's entry into the eurozone.

The convergence reports, prepared by the European Commission and the European Central Bank, analyse the progress of non-euro area Member States in fulfilling the criteria for adopting the euro. The reports are published at least every two years, or at the request of an EU Member State wishing to join the eurozone. They include an overview of the compatibility of national legislation of these Member States with European legislation, as well as the degree of sustainable convergence (convergence) according to the following criteria:

– achievement of a high degree of price stability – when the rate of inflation is as close as possible to that of the three best performing Member States in terms of price stability;

– achievement of a sustainable budgetary position – when the country is not in excessive deficit;

– stable exchange rate – when deviation within normal limits is observed for at least two years;

– low interest rates on long-term government debt – when interest rates are as close as possible to those in the three best performing Member States in terms of price stability.

If the assessments of the reports are positive, the European Commission submits a proposal to the Council of the EU, which, after consulting the European Parliament and after discussion in the Eurogroup and between the Heads of State and Government of the Member States, decides on the country's admission to the euro area and on a specific date for this.