Bulgaria on course to become 21st EU member to adopt euro

The European Commission gave the green light on Wednesday for Bulgaria to adopt the euro from next year, putting the Balkan country on course to become the 21st member of the single currency area.

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The commission said Bulgaria had fulfilled the strict criteria “intended to ensure that a country is ready to adopt the euro and that its economy is sufficiently prepared to do so”.

The European Central Bank also gave a positive opinion, hailing Bulgaria's “tremendous dedication to making the adjustments needed”.

Bulgarian Prime Minister Rossen Jeliazkov hailed “a remarkable day” that followed “years of reforms, commitment and alignment with our European partners”.

The push has, however, sparked a backlash from many Bulgarians, with protests and recent surveys showing nearly half of those questioned opposed adopting the euro - fearing painful economic consequences.

About 1,000 people demonstrated Wednesday in front of the National Assembly building in the centre of Sofia, holding signs that read “Preserve the Bulgarian lev”, “No to the euro” and “The future belongs to sovereign states”.

The gathering was organised by the opposition pro-Russian Vazrazhdane party.

In the streets of Sofia, several people welcomed the European Commission's green light. “It will give us greater freedom and make travelling abroad easier,” a 36-year-old software developer who just gave her name as Akseniya told AFP, though she added feeling “a bit of nostalgia”.