site.btaBulgaria's Eurozone Integration Process Progressing Well, Says ECB President

The process of Bulgaria's integration into the eurozone is progressing well and is moving forward, said European Central Bank (ECB) President Christine Lagarde at a press conference after the ECB's first monetary policy meeting of the year.

The ECB's involvement in this process is limited, as its role is only to assess Bulgaria's alignment with inflation, fiscal position, and sustainability. The decision to join the eurozone will be made by the European Commission, Lagarde noted.

“There is a convergence process that is well advanced. We are marginally involved in the process because we do not pass judgment on anything else than convergence towards inflation and we look at the fiscal position and the sustainability. But on those fronts – and from what I have seen and the discussions that I have had with the Bulgarian authorities – I am confident that this process is going well,” Lagarde said.

She added that if the Bulgarian authorities request an extraordinary convergence report, the process will continue so that the European Commission can review all the criteria for Bulgaria's entry into the eurozone, not just inflation, that Bulgaria has to satisfy. “I am only giving a partial answer as the rest can be given by the Commission,” Lagarde said.