Euro Introduced in Bulgaria before the Czech Republic and Poland

Standart News, 19th August 2005

Bulgaria will introduce the euro about 2010, while it will become the official currency in the Czech Republic and Poland thereafter. Estonia, Litva and Slovenia will be the first among the new EU members to enter the European zone as early as in 2007.

The three countries have already fulfilled all required criteria for the EU zone admission. Their budget deficit is under 3%, their government debt is lower than the admissible maximum of 60% from the GDP, while the sizes of the long-term interests are under 5.2%. Only the inflation in Estonia, Litva and Slovenia, so far, goes beyond the admissible maximum of 2.4%.

This is also the only criterion in which Bulgaria does not correspond to the requirements of the EU zone. The preservation of the monetary fund and the financial stability in Bulgaria is an important condition for the timely admission of Bulgaria to the EU zone. Poland, the Czech Republic and Hungary will not join the EU zone before 2010, for the admissible maximum for the budget deficit is higher than 3% from the GDP 2005.

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