Bulgaria and the Eurozone: A Misguided Step?

Seventeen years after joining the European Union and following years of hesitation over adopting the euro, Bulgaria began its path toward Eurozone integration on July 10, 2020, by entering the European Exchange Rate Mechanism (ERM II). A country must participate in ERM II for at least two years before becoming eligible to join the Eurozone. Yet, four years later, Bulgaria has not taken this crucial step.