"Bulgaria will become the 21st member of the eurozone or Schengen monetary area on Thursday, despite deep scepticism from some in the country amid fears of inflation. The Southeast European country has been a member of the European Union since 2007, but formally met the eurozone's entry criteria only in January 2025, paving the way for its currency ascension after a long delay."
"The move will increase the number of Europeans using the euro to 356 million people, and geographically extend the single currency into the Black Sea area for the first time, despite ongoing geopolitical tensions. However, there is concern among some Bulgarians that adopting the euro could bring on an economic crisis in a country considered the poorest in the EU. There is widespread mistrust in the government."
Bulgaria will join the eurozone as its 21st member, replacing the lev with the euro after meeting entry criteria in January 2025. The change will raise the number of euro users to about 356 million and extend the single currency into the Black Sea region. Some citizens fear inflation, loss of national identity, and a potential economic crisis in the EU's poorest member. Political instability and widespread mistrust of government, including mass antigovernment protests and a resigned minority pro-EU coalition over a proposed budget and corruption allegations, have deepened controversy over the move.
Read at www.aljazeera.com
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