Bulgaria and Romania fail economic tests to join euro

Source: Financial Times [UK]

“The eastward expansion of Europe’s single currency has suffered a setback after Bulgaria and Romania failed to meet the economic criteria needed to adopt the euro. The decision announced by the European Central Bank and European Commission on Wednesday means Bulgaria’s ambition of joining the Eurozone at the start of next year will be frustrated. Their review also confirmed Romania’s hopes of euro membership remain as distant as ever. The ECB and commission said the two countries on the Black Sea coast — which are among the poorest EU members — had inflation that was too high compared with the rest of the bloc and expressed doubts about whether their institutions were strong enough to tackle corruption and money laundering.” (06/26/24)