The Preparation Process For Joining The Euro Area: The Case Of Bulgaria

In June 2018, the Bulgarian government formally expressed its willingness to adopt the euro by initiating the entry into the European Exchange Rate Mechanism (ERM-II) and by committing to the close cooperation agreement with the European Central Bank (ECB). Although Bulgaria fulfils the nominal convergence criteria, excepting the participation into ERM-II, the legislative convergence necessary for the euro adoption is not yet met.The purpose of the article is to present the recent measures taken by the Bulgarian authorities to join the ERM-II and to analyse the readiness of Bulgaria's economy to adopt the single currency in the light of the Maastricht criteria and the legislative convergence.