Bulgaria complies on three of the Maastricht criteria for joining the euro area, but still does not meet the price stability targets. This is stated in a report of the European Commission, presented today and quoted by BTA.
Bulgaria does not yet meet the requirements for the introduction of the common currency, the assessment notes. It is considered that our country has almost completely aligned its legislation with the rules of the Eurozone, including in terms of the budget, the leva exchange rate and long-term interest rates.
The report examines the readiness of five more countries that have the legal obligation to join the eurozone - the Czech Republic, Hungary, Poland, Romania and Sweden. The Commission specifies that none of the mentioned countries is ready for the introduction of the euro, and that only Bulgaria meets all the requirements without one.
The EC announcement cited data from a public survey from last month, according to which 49 percent of Bulgarians support joining the euro area, 71 percent expect this to happen in the next five years, 64 percent foresee the introduction of the euro to led to an increase in prices, and 44 percent expect a positive impact from the removal of the lev.
The Commission adds that these reports serve the Council of the EU in making a decision on the expansion of the euro area. It is recalled that the European Central Bank is issuing a parallel report on the same topic.
EC reports are prepared once every two years, but each EU country has the right to request an additional assessment, the commission states. The Bulgarian authorities announced earlier this year that our country will not be ready for the Eurozone by June and will request an additional report in the fall.