The European Commission and the European Central Bank will announce today the convergence reports on the adoption of the euro in Bulgaria, BNT reported.
The expectations are that both reports will be positive and the procedure for the country's adoption of the euro area will begin on January 1 next year. Bulgaria will be the 21st member of the euro area.
The reports of the EC and the ECB are expected to be published around 2 p.m. Bulgarian time. Bulgaria must meet four economic criteria and be legally prepared for adoption of the euro area. The economic criteria are price stability, sustainable public finances, long-term interest rates and a stable exchange rate.
The final decision on Bulgaria's admission to the eurozone will be taken on July 8 by the finance ministers of the Eurogroup countries, after consultations with the European Parliament and discussion in the European Council.