The Bulgarian Ministry of Finance expects the country to meet the inflation criterion required for entry into the euro zone by the end of the year.

After achieving this goal, Bulgaria intends to officially request the European Commission (EC) and the European Central Bank (ECB) to prepare an extraordinary convergence report, according to a press release from the Ministry of Finance, Novinite informs.

Deputy Prime Minister and Minister of Finance Ludmila Petkova met in Luxembourg with Pierre Gramegna, Director General of the European Stability Mechanism (ESM), and during the discussions the ESM official expressed his optimism, declaring: “Together we will pave the way to entering the Eurozone.”

Petkova presented an update on Bulgaria’s technical preparations for adopting the euro, highlighting the country’s current macroeconomic and financial situation, according to Agerpres.

Bulgaria aims to meet the inflation criterion by the end of the year, paving the way for the EC and the ECB to prepare the necessary convergence report. Gramegna drew attention to the procedural measures and the commitment to provide support and expertise until Bulgaria’s accession, underlining the importance of this key project for the consolidation of Europe.

The European Stability Mechanism, established by the member states of the euro zone in response to the debt crisis of 2012, is an independent financial institution. After adopting the euro, Bulgaria will become a shareholder of ESM, the Ministry of Finance informed.