Bulgaria seeks to join the euro area

The Eurogroup of Brussels examined the prospects of Bulgaria's accession to the Exchange Rate Mechanism (ERM) II to Brussels. This is an indispensable step towards joining the Eurozone.

"We congratulate the Bulgarian authorities for making the necessary commitments to successfully enter the ER II, and later in the euro area, and it is gratifying that, despite the ongoing debate on the completion of the Economic and Monetary Union, membership in the euro area is attractive, "said Finance Minister Vilius Shapoka

. . In the coming months, Bulgaria is committed to implementing specific measures for the supervision of the banking sector, the banking sector and the fight against money laundering, the improvement of the management public enterprises and other measures. Greece, Spain, Italy, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Portugal, France, Slovakia, Slovenia, Finland and Germany.

The euro area comprises the Member States which have adopted the euro as the single currency and pursue a single monetary policy. The European Central Bank and the national central banks of the Member States which have adopted the euro constitute the Eurosystem

As members of the EU, the Member States undertake to adopt the As soon as the necessary criteria are met. Adherence to the criteria shows that, before the introduction of the euro, the Member States achieved a high level of sustainable economic convergence with the euro area. Economic rapprochement ensures the smooth functioning of the euro area economy, while the Member States joining the euro area can grow and prosper.

Membership in the euro area increases economic interdependence among member states. Member States of the euro area use the single currency and all lead the common monetary policy established by the European Central Bank. Due to the single currency and monetary policy, trade and financial relations are tightening. Due to this ever-growing economic integration, more closely coordinated economic policy strategies.

This interdependence among the members of the euro area also causes specific general economic difficulties. As a result, since 1999, euro area finance ministers have started holding informal Eurogroup meetings, which deal with issues of common responsibility for the single currency. The Commissioner for Economic and Monetary Affairs and the President of the European Central Bank also attend these meetings.

Lithuania adopted the euro in 2015.