site.btaBulgaria Ready to Request Extraordinary Report on Accession to Euro Area As Soon As it Meets Requirements, PM Says

Bulgaria will ask for an extraordinary convergence report on its readiness for the euro area as soon as it meets the last criterion, caretaker Prime Minister Dimitar Glavchev said Wednesday in Brussels, where he arrived to attend the EU leaders' meeting with the Gulf countries and Thursday's European Council. "As soon as the fourth criterion, for price stability, is met, extraordinary reports will be requested immediately", he stressed, expressing his hope that Bulgaria will meet this criterion by the end of 2024.

According to the 2024 EU Convergence Reports, Bulgaria satisfies three of the four criteria for membership in the euro area, namely: stability of public finances (budget balance and public debt), the exchange rate and the long-term interest rate. Bulgaria is yet to satisfy the fourth criterion - price stability, which, in case of being satisfied, would allow Bulgaria to request a membership status.

Asked whether progress could be expected towards payments under the economic recovery plan, the PM noted that this required steps by the National Assembly. He clarified that the agreements with the European Commission cannot bypass the decisions of the National Assembly. "If the MPs allow, we can proceed to real actions with a good result", Glavchev said.

He stressed that actions to prevent electoral fraud will continue until the end of the election day. The Interior Ministry takes measures and reacts to every signal within its powers, together with the Prosecution Office.

The Prime Minister noted that the focus of Wednesday's meeting with the leaders of the Gulf countries was on deepening economic and trade relations, but especially on de-escalation in the Middle East.

Asked whether he would use the opportunity to discuss the issue of Bulgarian hostages in the region, Glavchev said this was not the right place.

The Bulgarian captain and co-captain of the Galaxy Leader ship were taken hostage by the Houthis off the coast of Yemen in November 2023 and are still being held there.

In Glavchev words, the Bulgarian institutions are doing everything in their power to ensure that the two hostages are released. "Every day we are making efforts in this direction, but the situation is very delicate", he explained.