There'll soon be another country where you'll be able to use euro
THERE'LL SOON BE another country where you'll be able to travel without needing to exchange your euro for a different currency.
The European Commission has given approval for Bulgaria to adopt the euro from next year, putting it on course to become the 21st member of the eurozone.
The commission said Bulgaria had fulfilled the strict criteria 'intended to ensure that a country is ready to adopt the euro and that its economy is sufficiently prepared to do so'.
The European Central Bank also gave a positive opinion, hailing Bulgaria's 'tremendous dedication to making the adjustments needed'.
Bulgarian Prime Minister Rossen Jeliazkov hailed 'a remarkable day' that followed 'years of reforms, commitment and alignment with our European partners'.
The push has, however, sparked a backlash from some Bulgarians, with protests and recent surveys showing nearly half of those questioned opposed adopting the euro — fearing painful economic consequences.
About 1,000 people demonstrated today in front of the National Assembly building in the centre of Sofia. The gathering was organised by the opposition pro-Russian Vazrazhdane party.
Others, though, have welcomed the move towards the euro.
'It will give us greater freedom and make traveling abroad easier,' a 36-year-old software developer in Sofia told AFP, though she added feeling 'a bit of nostalgia'.
'We are losing a bit of our identity, our lev,' she said.
Advertisement
'Whether it's in euros, dollars, or levs, I just want to live well,' Svilen Manavski, 61, a construction worker said.
Bulgaria has had a rocky road to joining the eurozone: the nation has been plagued by political turmoil with seven elections in three years, the most recent in October 2024.
The approval comes 18 years after Bulgaria joined the EU.
With a population of 6.4 million, Bulgaria has spent several years preparing its economy to join the eurozone.
It still needs the approval of the EU's finance ministers, who are expected to give their full backing in July, before it formally adopts the euro from 1 January 2026.
'Today's report is a historic moment for Bulgaria, the euro area and the European Union,' said EU economy chief Valdis Dombrovskis.
'Of course, the euro is more than a currency. Following on from Bulgaria becoming a full member of the Schengen area earlier this year, it brings Bulgaria ever closer to the heart of Europe,' he added.
When the first euro bank notes and coins were rolled out on 1 January 2002, Ireland was one of 12 countries to become part of the single-currency area.
It has since grown to 20, with Slovenia joining in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania in 2015. Croatia was the most recent country to join in 2023.
Bulgaria wanted to adopt the currency sooner but in the past few years the EU had concluded its inflation was too high to meet the necessary requirements.
To join the single currency area, member states must show that their economy has converged with other eurozone countries and that they have a handle on their finances.
© AFP 2025
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Irish Examiner
2 hours ago
- Irish Examiner
Four killed in Kyiv after Russian missile and drone attacks across Ukraine
The mayor of Kyiv said a Russian missile and drone attack has killed at least four people and injured 20 others in the capital, amid a wider attack across Ukraine. Vitali Klitschko said search and rescue operations are under way at several locations in the city. Multiple explosions were heard in Kyiv, where falling debris sparked fires across several districts as air defence systems attempted to intercept incoming targets, according to Tymur Tkachenko, head of the Kyiv City Administration. The capital say several people killed in the strike (AP) 'Our air defence crews are doing everything possible. But we must protect one another – stay safe,' Mr Tkachenko wrote on Telegram. Authorities reported damage in several districts, and rescue workers are responding at multiple locations. They urged residents to seek shelter. In Solomyanskyi district, a fire broke out on the 11th floor of a 16-storey residential building. Residents were urged to take shelter during the strike (AP) Emergency services evacuated three people from the apartment, and rescue operations are ongoing. Another fire broke out in a metal warehouse. Mr Tkachenko said the metro tracks between two stations in Kyiv were damaged in the attack, but no fire or injuries were reported. In northern Chernihiv region, a Shahed drone exploded near an apartment building, shattering windows and doors, according to regional military administration chief Dmytro Bryzhynskyi. Kherson. The building of the regional state administration. Russian forces have completely destroyed it. Two strikes with aerial bombs. Deliberate strikes, not accidental. No military sense whatsoever. They are openly destroying life. Absolutely deranged creatures. Force is… — Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) June 5, 2025 He added that explosions from ballistic missiles were also recorded on the outskirts of the city. The night-time attack came hours after US President Donald Trump said it might be better to let Ukraine and Russia 'fight for a while' before pulling them apart and pursuing peace, in comments that were a remarkable detour from Mr Trump's often-stated appeals to stop the three-year war. The US leader spoke as he met with Germany's new chancellor, Friedrich Merz, who appealed to him as the 'key person in the world' who could halt the bloodshed by pressuring Russian President Vladimir Putin.
The Irish Sun
2 hours ago
- The Irish Sun
Russia bombs Kyiv killing four & injuring dozens in missile & drone blitz as Putin plots revenge for Op Spiderweb
RUSSIA has launched an overnight missile and drone blitz against Ukraine, killing four in Kyiv. At least 20 others are injured in the Ukrainian capital as fires had to be put out around the city. Advertisement 4 Fire and smoke rise in Kyiv following a Russian drone and missile strike overnight Credit: Reuters 4 Ukrainian air defences shoot back against Russia's strike Credit: Alamy 4 A Russian bomb lands in Ukraine Credit: AP In Solomyanskyi district, a fire broke out on the 11th floor of a 16-story residential building. Emergency services evacuated three people from the apartment, and rescue operations were ongoing. Another fire broke out in a metal warehouse. In northern Chernihiv region, a Shahed drone exploded near an apartment building, shattering windows and doors, according to regional military administration chief Dmytro Bryzhynskyi. Advertisement Read more on world news He added that explosions from ballistic missiles were also recorded on the outskirts of the city. The nighttime attack came hours after US President Donald Trump said it might be better to let Ukraine and Russia fight for a while. The President has been so far unsuccessful on getting the two countries to agree to peace - with Moscow not moving on its demands. Trump spoke as he met with Germany's new chancellor, Friedrich Merz, who appealed to him as the key person in the world who could halt the bloodshed by pressuring Putin. Advertisement Most read in The US Sun The American has also The US president heaped praise on Volodymyr Zelensky for his Russia's ambassador to the UK 'blames Britain' for Ukraine's daring drone attack & warns of 'WWIII risk' The Kremlin dictator held a Top of the agenda was reportedly the 117 drone blitz over the weekend which left four of Russia's key airbases up in flames. Advertisement The daring Operation Spiderweb saw a fired up Putin's 4 Firefighters work at the site of a Russian drone attack in Kyiv Credit: Reuters More to follow... For the latest news on this story, keep checking back at The U.S. Sun, your go-to destination for the best celebrity news, sports news, real-life stories, jaw-dropping pictures, and must-see videos . Advertisement Like us on Facebook at
Irish Times
2 hours ago
- Irish Times
Corporate tax take tumbles 30% for May with €1.1bn less over same month last year
The State's corporate tax receipts fell 30 per cent last month, with the exchequer collecting €1.1 billion less in May compared to the same month last year. Downplaying the decline, the Department of Finance attributed it to 'once-off factors' which, it said, boosted receipts last year and distorted the year-on-year comparison. The latest exchequer returns for May indicated the Government collected €2.5 billion in corporate taxes last month, compared to almost €3.6 billion last year. Minister for Finance Paschal Donohoe said May was among the more important months for tax revenues and the steady growth in most tax headings pointed to an economy 'that is in a relatively good position'. READ MORE While the drop in corporate tax could be attributed to one-off factors, he said, it highlighted the degree of concentration in the corporate tax base where a small number of multinational firms 'can significantly impact on the overall tax yield'. 'In a context of unprecedented uncertainty in the international economic landscape, this serves as a timely reminder of Ireland's exposure to changes in the global trading environment, and of the vital importance of adhering to a sensible and sustainable budgetary strategy,' he said. Meanwhile, the European Central Bank (ECB) confirmed its latest interest rate cut yesterday. For tens of thousands of mortgage holders, the eighth cut in the last year means they have seen the annual cost of their home loans fall by about €2,000. However, the downward rate cycle appears to be coming to an end. ECB president Christine Lagarde confirmed as much when she said that 'at the current level of interest rates, we believe that we are in a good position to navigate the uncertain conditions that will be coming up'. When asked if the bank was on the cusp of declaring victory in its battle against inflation, she replied that 'victory laps are always nice, but there is always another battle.' Those who will be first in line to benefit from the latest rate cut will be about 126,000 tracker mortgage holders. Each rate cut of 0.25 per cent is worth about €13 to this cohort, with the eight cuts over the last 12 months equating to savings of just under €2,000 over a year for someone with an outstanding home loan of €150,000. Although there is speculation that September will be marked by a further rate cut, the ECB said it would 'follow a data-dependent and meeting-by-meeting approach to determining the appropriate monetary policy stance' and stressed it was not committing to a particular rate path. Separate figures on Thursday from the Central Statistics Office pointed to economic growth of almost 10 per cent in the first quarter, up from a previous estimate of 3 per cent, as exporters rushed to get merchandise into the US in advance of the imposition of tariffs. Since April 5th, goods imported from all countries into the US have been subject to a 10 per cent tariff, while US president Donald Trump has put a stay on a possible 50 per cent tariff on all EU imports until next month. Pharma accounts for the lion's share of Irish goods exports to the US, and companies in the sector here have been fast-tracking products to avoid the tariffs. The pharma-dominated industry sector expanded by 17.1 per cent in the first quarter compared with the previous three-month period. By contrast, the domestic economy grew by just 0.8 per cent.
