Bulgaria’s Accession to the Eurozone
Bulgaria’s Accession to the Eurozone

Author(s): Magdalena Vlahova-Veleva
Contributor(s): Savina Mihaylova-Goleminova (Editor)
Subject(s): Law, Constitution, Jurisprudence, Civil Law, Commercial Law
Published by: Сиела Норма АД
Keywords: EU member state; eurozone; single currency; euro adoption; convergence criteria; National Euro Changeover Plan; Euro Adoption Act
Summary/Abstract: This chapter presents the key aspects of the Bulgarian path towards the eurozone. Article 140 of the c (TFEU), one of the two treaties establishing the constitutional basis of the European Union, sets out the convergence criteria to be met prior to euro adoption. The latter include the criterion for price stability, the criterion on a sustainable government financial position, criterion on exchange rate levels and criterion on long-term interest-rate levels. Moreover, the compatibility of national legislation with EU law, including the statutes of national central banks, also needs to be examined. The fulfilment of these conditions is assessed every two years or at a request of a member state, as the EC and the ECB issue convergence reports. The process of transition to the third stage of the economic and monetary union includes joining Exchange Rate Mechanism II, the attainment of the respective post-commitments, the establishment of a Coordination Council for preparation of Bulgaria for eurozone membership, the elaboration of a National Euro Changeover Plan, the drafting and adoption of an Act to regulate the adoption of the euro in the Republic of Bulgaria and other important activities related to the process of preparation for eurozone membership.

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