Several dozen countries are labeled as EU member states. Not all of them effectively use the Euro at this time. Bulgaria has no plans of speeding up this process either.
Bulgaria Remains on the Fence
The Euro has not done much to boost the EU economy. Some people may even argue it has only made the financial situation worse. Creating one currency for an entire continent is not an easy feat.
Early problem signs became apparent quickly. Various countries opted out of using the Euro altogether. Denmark is one such country. Sweden isn’t doing much to meet the adoption requirements either. To make matters worse, Bulgaria looks to delay its adoption of the Euro.
Before embracing this currency, Bulgaria has to join ERM-2. This “system” is a temporary step prior to becoming a full-fledged member of the Eurozone. Under normal circumstances, this process would be completed by late April. However, the Bulgarian parliament is looking to postpone this process.
Local residents are not too keen on this process either. Most Bulgarians oppose the joining of the Euro region. They are fearful of how domestic companies may sue this shift to raise prices of goods and services. That would be problematic for the local economy as a whole.
Neighboring Countries Watch Eagerly
Bulgaria is not the only country looking to join the Eurozone. Both Croatia and Romania contemplate doing the exact same. However, they may face similar struggles in doing so. If there is a threat to the local economy, this option should not be explored without proper research.
It is interesting to note that five other ex-communist countries in the region have already joined the zone. Their economies have not flourished, but that is to be expected. A lot of interesting developments are on the horizon for Eastern Europe. Only time will tell if the outcome will be beneficial.