site.btaEurogroup President Expects Unanimous Support for Bulgaria's Eurozone Membership

Eurogroup President Paschal Donohoe on Thursday expressed his expectation for full support for Bulgaria's entry in the eurozone. He described Thursday as a very important moment for the euro area's future as the Eurogroup will affirm a recommendation to the EU Council that Bulgaria should join the euro area. Donohoe spoke to journalists before the start of the Eurogroup's meeting in Luxembourg.

In Donohoe's words, he has been working on this project for many years with many Bulgarian governments. According to him, the eurozone membership is a great achievement for Bulgarians, the Bulgarian economy and Bulgarian politicians. The first phase of the last part of this journey towards the euro area is beginning, he added.

He noted the decisive role of Finance Minister Temenuzhka Petkova and the wonderful job she has done. Donohoe explained that on Friday, the EU Finance Ministers will be briefed on the positive opinion of the Eurogroup. There is a consensus, he said, adding that he believes this will be the basis for the future success of the Bulgarian economy.

The Eurogroup is an informal body created in 1997 in which the ministers from the euro area member states discuss matters relating to their countries' common responsibilities related to the euro.

On Thursday, the Eurogroup is expected to recommend to the EU Economic and Financial Affairs Council (ECOFIN, all EU Finance Ministers) to approve a letter to the European Council, giving green light to Bulgaria to join the euro area. At the end of next week, the European Council will give its opinion, and on July 8, the European Parliament will vote on Bulgaria's eurozone accession. Then, the EU Council will proceed with the final vote so that the euro can be adopted in Bulgaria on January 1, 2026.