Overview

• The European Central Bank issued a favourable opinion on June 4, endorsing Brussels’ assessment that Bulgaria meets the technical requirements for euro adoption.
• EU finance ministers are set to cast a formal vote on July 8 to ratify Bulgaria’s move from the lev to the euro.
• Bulgaria achieved the required convergence benchmarks, including an average 12-month inflation rate of 2.7% in April, stable public finances and exchange-rate stability.
• Brussels projects the currency switch will enhance price stability, protect household savings and attract higher levels of foreign direct investment.
• Domestic opposition remains pronounced, with thousands protesting in Sofia and recent polls showing nearly half of Bulgarians oppose joining the eurozone.