The European Union gave Bulgaria the green light to join the euro, but political ructions in Sofia threaten to torpedo its accession.
The European Commission and European Central Bank’s approval for Bulgaria to become the 21st country to join the common currency marks a significant step for the Balkan nation, which joined the EU in 2007 and has pegged its lev currency to the euro since 1999.
Yet domestic enthusiasm for the euro has waned, with half of Bulgarians now skeptical of the currency union and far-right parties demanding a delay or dismissal of the plans.
“For Bulgaria, the main hurdle is not the economic criteria, but the political dynamics… of whether or not to join,” Eurointelligence said.
AD