European finance ministers on Thursday recommended that Bulgaria join the Eurogroup, making it the 21st member. This move opens the door for Bulgaria to adopt the euro as its official currency.
The decision follows positive evaluations from the European Commission and the European Central Bank. Paschal Donohoe, president of the Eurogroup, called it a “well-deserved achievement” for Bulgaria during a press conference.
Donohoe praised Bulgaria’s commitment and the significant progress made by its authorities. He also said the decision sends a strong message about the strength of the eurozone.
The recommendation suggests Bulgaria adopt the euro starting January 1. This is only the first step. The EU Council must now pass additional legal measures to allow Bulgaria to join the Eurogroup officially.
The recommendation will be reviewed by all 27 EU finance ministers on Friday and then by EU leaders on June 27.
After that, the European Council is expected to approve the three necessary legal acts, clearing the way for Bulgaria to adopt the euro next month.
