On Wednesday, the European Central Bank (ECB) and the European Commission announced that Bulgaria and Romania do not meet the necessary criteria to join the Eurozone. Despite actively pursuing euro membership, both countries have struggled to meet the required criteria due to high inflation rates compared to the rest of the euro area. Additionally, concerns about corruption and money laundering have hindered their progress towards joining the common currency.
The ECB’s report, published every two years, examines six EU countries that are not part of the common currency. These countries include Bulgaria, Romania, the Czech Republic, Hungary, Poland, and Sweden. Both Bulgaria and Romania have been working towards euro membership for some time now, with Bulgaria being the closest to joining as early as next year. However, their inflation rates remain too high for them to meet the necessary criteria.
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Despite 20 out of 27 EU member states belonging to the euro area since Croatia adopted it at the beginning of last year; other EU countries outside this area are expected to join eventually. However, for Bulgaria and Romania specifically
