19.06.2012

Bulgaria meets all the criteria for euro area membership - that is what ECB data show. The financial institution has published the long-term interest rate to assess our country\'s convergence and for May 2012 it is 5.11% (no change compared to the previous reporting period - April 2012). The indicator is below the reference value of 5.8% and is lower than that of 12 EU Member States, seven of which are euro area members.

The ECB data confirm the published at the end of May Convergence Report which shows that the long-term interest rates were on average 5.3% over the reference period from April 2011 to March 2012. Thus our country is one of the three in the EU along with Denmark and Sweden that meet the Maastricht criteria for euro area membership.

Over the reference period from April 2011 to March 2012, the 12-month average rate of HICP inflation in Bulgaria was 2.7%, i.e. below the reference value of 3.1% for the criterion on price stability. In 2011 the general government budget balance showed a deficit of 2.1% of GDP, i.e. below the 3% reference value. For this reason the EC recommended lifting of the excessive deficit procedure for Bulgaria. The general government gross debt-to-GDP ratio is 16.3%, i.e. well below the 60% reference value. Under this indicator Bulgaria holds the second place after Estonia.

Appendix

Criteria for euro area membership