site.btaECB, EC to Present Wednesday Reports of Bulgaria's Readiness to Join Eurozone

The European Commission (EC) and the European Central Bank (ECB) will present Wednesday afternoon reports with their assessments on Bulgaria's readiness to join the euro area. The two extraordinary reports requested by the country are expected to have similar content, but only the EC document will contain a recommendation to the Council of the European Union (EU).

The Commission's report is expected to be published after the end of the commissioners' meeting in the early afternoon. The ECB said it would present its report on its website at 4 p.m. Eastern European Time.

In case of a positive assessment by the Commission, a legislative process will start in the EU, which foresees discussion and political agreement among euro area countries on June 19-20, followed by a political agreement by the European Council on June 26-27. On June 30, the Commission should recommend to the Council of the EU to approve a decision and it should be voted on July 8. On the same day, the European Parliament is due to vote on the opinion at a session in Strasbourg. MEPs' views will be agreed in advance in a separate report.

Voting among euro area countries will be on three points, with only the determination of the lev-euro exchange rate requiring unanimity, while on the other two parts of the decision on Bulgaria's accession a qualified majority will be enough.

On the eve of the announcement of the data from the reports, leading Bulgarian politicians and experts expressed expectations for a positive assessment. In May, Finance Minister Temenuzhka Petkova confirmed that the introduction of the euro in the country from January 1 next year remains a top goal.