June 19 (UPI) — European finance ministers on Thursday recommended that Bulgaria become the 21st member of the Eurogroup, paving the way for the Eastern European nation to adopt the euro currency.
The Eurogroup finance ministers agreed to Bulgaria’s accession based on earlier positive assessments by the European Commission, the executive arm of the European Union, and the European Central Bank.
“This is a well-deserved achievement for Bulgaria, Paschal Donohoe, president of the Eurogroup, said during a press conference following Thursday’s Eurogroup meeting.
“It is an acknowledgment of the commitment, the significant convergence process that has been undertaken and the enormous work by the Bulgarian authorities. It’s also a really good signal for the strength of our monetary union.”
The recommendation proposes that Bulgaria introduce the euro as its currency on Jan. 1.
The acceptance of the recommendation is the first step toward achieving that goal, with the EU Council now needing to adopt additional legal acts to enable Bulgaria to become a Eurogroup member.
The recommendation is now set for adoption by all 27 EU finance ministers on Friday, followed by all EU leaders on June 27.
Then, the European Council is expected adopt the three legal acts necessary to enable Bulgaria to introduce the euro by next month.
