Eurogroup meeting: discussions on Bulgaria's membership of the euro area
On 18-20 June, Minister of Finance Rimantas Šadžius will participate in the meetings of the Eurogroup (EG) and the Council of Ministers for Economic and Financial Affairs (ECOFIN) of the European Union (EU) in Luxembourg and will meet with the heads of the International Monetary Fund (IMF) and the European Investment Bank (EIB).
At the Eurogroup meeting, finance ministers will focus on the issues of Bulgaria's membership in the euro area, consider the results of the IMF's Article IV review of the euro area, and discuss progress in developing the digital euro project and reducing obstacles to increasing competitiveness.
"I am pleased that the expansion of the euro area is underway, and Bulgaria is already approaching the final stage of this process. From 1 January 2026, it will become the 21st member of the single European currency area. Lithuania is well aware that the introduction of the euro is not just a currency change, it is also new opportunities. I believe that for Bulgaria this will be a solid step towards economic growth, more active trade and greater foreign investment", Minister of Finance Rimantas Šadžius said. Final decisions on Bulgaria's membership in the euro area will be made at the ECOFIN meeting in July.
At this ECOFIN meeting, finance ministers will exchange views on the economic and financial impact of Russia's aggression against Ukraine, discuss a strategy to improve competitiveness and the business environment in Europe by reducing energy prices, and discuss progress in negotiations on the reform of the Customs Union, which aims to establish an EU Customs Authority and create an EU customs data platform to significantly simplify customs formalities.
At the meeting, the European Commission will present the European Semester Spring Package, which includes the Council's recommendations to member states. It is also planned to adopt decisions on the medium-term fiscal and structural plans of Belgium and Bulgaria and the excessive deficit procedure for Austria. In addition, Council decisions on the amendment of the Recovery and Resilience Facility (RRF) plans of Italy, Cyprus, Slovenia, Spain and Lithuania will be approved.
During his visit to Luxembourg on June 18-20, the Minister of Finance will also meet with IMF Managing Director Kristalina Georgieva, as well as European Investment Bank (EIB) President Nadia Calviño, EIB Vice-Presidents Thomas Östros and Robert de Groot, and have a bilateral meeting with German Finance Minister Lars Klingbeil. The Minister will also participate in the annual meetings of the EIB and European Stability Mechanism (ESM) Boards.
Last updated: 19-06-2025
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