World publications comment on the positive assessment that Bulgaria received from the European Commission (EC) and the European Central Bank (ECB) regarding the fulfillment of the criteria for joining the eurozone from January 1, 2026, writes BTA.
Bulgaria's path to the single European currency area was fraught with delays, as the country struggled with political instability and populist resistance to the common European currency, writes the "Financial Times". Bulgaria has held seven parliamentary elections in the past four years, with a series of unstable governments contributing to the delay in adopting the euro, the British newspaper notes.
However, opposition to joining the eurozone from populist pro-Russian forces in Bulgaria is not abating. The country's independent president, Rumen Radev, has also proposed holding a referendum on the issue - a move that government officials have described as sabotage, the "Financial Times" adds.
All EU members that have not yet adopted the single currency must prove that they have converged with other European economies in order to join the eurozone. For example, they must show that inflation is under control and does not exceed 1.5% of the average in the three eurozone countries with the lowest inflation, the "Financial Times" also writes.
Bulgaria failed to meet the inflation criteria in 2024, which delayed its accession by a year. In April, however, inflation slowed to 3.5%, thus fulfilling the last condition for adopting the euro in 2026, the "Financial Times" summarizes.
The "Politico" edition also dwells in more detail on the difficulties that Bulgaria faced on its path to the eurozone.
The Balkan country with a population of 6.4 million people committed to joining the eurozone in 2007, but was repeatedly refused after failing to fulfill a number of the so-called convergence criteria, which aim to ensure economic and legal compatibility, the publication writes. Persistently high inflation since the pandemic and the invasion of Ukraine have ruined its chances of joining the club in 2024 and 2025, notes "Politico".
Financial authorities have managed to control inflation, which in the 12 months to April averaged 2.7%. At the beginning of this year, domestic inflation rose to 4% due to the termination of some support measures during the pandemic. But this effect will be "temporary", Massimo Suardi, head of the EC's "Economic and Financial Affairs" Directorate, said on Tuesday, "Politico".
Suardi also praised Bulgaria for its "relatively flexible and effective" labor markets and the "very low" public debt, which at 24.1% of gross domestic product is the second lowest in the EU and well below the 60% reference value required for joining the eurozone, "Politico" also wrote.
However, Suardi noted that the country is too dependent on fossil fuels. Other weaknesses he noted are the shortage of qualified labor and shortcomings in the education system. According to EC data, 30.3% of Bulgaria's population is at risk of poverty or social exclusion, "Politico" points out.
Although hourly labor costs in Bulgaria are still the lowest in the EU, wage growth must match that of productivity in order to maintain the country's competitiveness and attractiveness for foreign investors, the ECB said, "Politico" adds.
In addition, monetary authorities are concerned about Bulgaria's results in the fight against money laundering, which is why the country was included in the "gray list" of the Financial Action Task Force, requiring enhanced monitoring. This list includes countries such as Syria, Venezuela and Yemen, the publication recalls.
The German newspaper "Frankfurter Allgemeine Zeitung" emphasizes the positions that the EC and the ECB express in their convergence reports.
The EC recommended to the eurozone countries to accept Bulgaria as the 21st member of the single European currency area. While the EC believes that the conditions for Bulgaria's accession are fully met, the ECB still expresses slight reservations, but does not oppose the country's admission to the eurozone, the German publication notes.
The ECB report states that in view of the "quality" of the institutions and political decision-making, Bulgaria still faces some "demands" related to the fight against corruption, the efficiency of public administration, the fairness of taxation and the independence of the judicial system, "Frankfurter Allgemeine Zeitung" also writes.
After the EC decision was announced, however, Bulgaria dispelled all reservations that it was taking too few measures against corruption and that it was suffering from a poorly functioning rule of law, the German newspaper commented.
"The Brussels authority already points out that it alone has the competence to decide on the accession proposals, while the ECB only "supports it analytically," the publication adds.
The German magazine "Spiegel" draws attention to the domestic political situation surrounding Bulgaria's accession to the eurozone.
The debates on the introduction of the euro in Bulgaria have been accompanied by strong protests, notes "Spiegel". On Saturday, supporters of pro-Russian and nationalist parties took to the streets of Sofia and other cities to demonstrate. They insist on preserving the leva as the national currency, because they are worried that the transition to the euro will lead to an increase in prices, the German publication commented.
In February, nationalists set fire to the entrance to the EU representation in Sofia. They also sprayed red paint on the glass facade of the building and threw Molotov cocktails and eggs at it, "Spiegel" also writes.
The pro-Russian nationalist opposition party "Vazrazhdane" accused the authorities of falsifying data to make the introduction of the euro possible. The opposition party says that with the introduction of the single European currency, Bulgaria would lose its national sovereignty, the German magazine notes.
The Bulgarian population is divided on the issue of the euro. According to a public opinion poll conducted by the Bulgarian sociological agency "Myara" from May 10 to 13, more than half of adults (54.9) are against the introduction of the euro in 2026, "Spiegel" notes.
The German magazine also cites the results of a poll by "Gallup International Balkan" from the second half of May, which show that 33% of respondents "are inclined to see benefits" from the introduction of the euro. In contrast, 33% "are more likely to fear disadvantages", and 23% expect neither advantages nor disadvantages.