Bulgaria Becomes 21st Member To Adopt Euro

Bulgaria officially approved to adopt the euro, becoming the 21st member of the single currency area.

Bulgaria will officially replace its national currency, the lev, with the euro. The fixed conversion rate is set at 1.95583 lev per euro.

About Eurozone

The eurozone is the economic and geographic area made up of European Union (EU) countries that use the euro as their official currency.
Its foundation was laid by the Maastricht Treaty in 1992, which established the EU and set the stage for a unified economic and monetary union.
- This included the creation of a central banking system, a shared currency, and an integrated economic region.
EU countries wishing to join the eurozone must meet specific criteria related to price stability, fiscal responsibility, sustainable economic convergence, and exchange rate stability.
Not all European Union nations participate in the eurozone; some opt to use their own currency and maintain their financial independence

The EU has the highest GDP globally and serves over 440 million consumers.
It is the largest trading bloc and ranks first in global investment flows (both inbound and outbound).
The EU imports more (excluding fuels) from developing nations than the US, Canada, Japan, and China combined.
With low tariffs and open services/investment sectors, the EU actively signs free trade agreements (e.g., with South Korea, Singapore).

India was among the first countries to establish diplomatic ties with the European Economic Community in 1962.
The partnership was elevated to a Strategic Partnership during the 5th India-EU Summit (2004) in The Hague.
EU is India’s largest trading partner.(USD 137.41 billion in 2023-24)
India ranks as the EU’s 9th-largest trading partner, accounting for 2.4% of the EU’s total trade in goods in 2024, with India enjoying a trade surplus.
Both support reform of multilateral bodies like the WTO.

European Central Bank (ECB): Main authority managing the euro. It sets monetary policy, controls inflation, and ensures financial stability across the Eurozone.
Eurogroup: Composed of finance ministers from Eurozone countries, it coordinates economic policies, discusses budgetary matters, and oversees economic governance.
European Commission: Monitors member states’ compliance with fiscal rules (e.g., debt and deficit limits) and proposes corrective actions if necessary.

When the euro was launched in 2002, it was adopted by 12 countries.
Over time, additional nations have joined: Slovenia (2007), Cyprus and Malta (2008), Slovakia (2009), Estonia (2011), Latvia (2014), Lithuania (2015), Croatia (2023)

Bulgaria

Located in Southeast Europe, on Balkan Peninsula
Bordering nations : Romania (North), Turkey and Greece (South), Serbia and North Macedonia (West).
Black Sea coast of Bulgaria forms the eastern edge of the country.
Member of NATO and European Union.
Geographical Features:
- Climate: Ranges from continental in the north to Mediterranean in the south
- Major Rivers: Danube, Maritsa, Struma
- Highest Peak: Musala (2,925 m) — the tallest peak in the Balkans

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