site.btaCabinet Adopts Decision to Request Ad Hoc Convergence Reports from European Commission, ECB

At an extraordinary meeting here on Monday, the Council of Ministers approved a decision to request ad hoc convergence reports on Bulgaria from the European Commission and the European Central Bank (ECB), the Government Information Service reported. The decision is based on the Eurostat's January 2025 data on inflation in the EU Member States published earlier on Monday, which show that the reference value for the price stability criterion for entry in the eurozone is calculated at 2.6%. The inflation rate in Bulgaria was 2.6% in the same period, meaning that the country meets the last criterion for euro area membership with its January data. 

Through the newly adopted decision, the Council of Ministers empowers the Finance Minister and proposes that she and the Bulgarian National Bank Governor sign a letter requesting ad hoc convergence reports and send it to the European Commission President and the ECB President.

The decision was drafted in implementation of a National Assembly resolution of July 26, 2024 that the process of practical preparation for the euro's adoption in Bulgaria be sped up and completed, and in accordance with Article 140 of the Treaty on the Functioning of the European Union regarding ad hoc convergence reports by the European Commission and the ECB.