Brussels (Brussels Morning Newspaper) – February 2025 Eurogroup meeting addresses international markets’ uncertainty. On the table also Bulgaria’s progress towards adopting the euro.
EU Ministers of Finance met in Brussels and discussed how to most effectively deal with international economic uncertainty, given the direction of the new US administration in particular, and talked through the 2025 prospects for the Euro area.
Eurogroup President Paschal Donohoe and EU Commissioner Valdis Dombrovskis discussed the challenges that tariffs threats pose to the EU market, and ensure that the European Union will be ready to respond proportionally, be united and resilient. Ministers also acknowledge the expected future increase of expenses on defence.
Finally, Bulgarian Minister of Finance Temenuzhka Petkova joined the meeting to present Bulgaria’ progress towards the adoption of the euro from January 1, 2026.
Uncertainty and urgency in the Euro area
“I would describe the mood among ministers as one of urgency,” Eurogroup President Donohoe told reporters after the meeting. Uncertainty is harmful and markets are responding with a “wait and see” approach, explained Pierre Gramegna, ESM (European Stability Mechanism) Managing Director.
As a result of this “urgency,” and to feel safer in uncertain economic times, the new Euro area recommendations stress on addressing the lack in productivity and innovation of the European Union. Commissioner Dombrovskis also announced that the EU economy is expected to grow at a slightly slower pace compared to what they expected.
Ministers also all agreed to a united approach (the European Commission already said it will proportionally respond to new tariffs if negotiations fail to avoid them), and increasing EU competitiveness on the international market is a top priority, commented President Donohoe.
Whether it will be trade, security, or climate, we will achieve more on those stages together than we will individually.
Will Bulgaria adopt the euro by 2026?
Bulgarian Minister of Finance Temenuzhka Petkova joined the meeting to present Bulgaria’s progress towards the adoption of the euro.
Bulgaria’s goal is to access the Euro area by January 1, 2026. The country, which has EU membership since 2007, has been working on meeting the Maastricht criteria, reducing inflation and improving its fiscal performance.
President Donohoe and Commissioner Dombrovskis both acknowledge Bulgaria’s improvements and renewed their commitment to support the country in their goal to join the Euro area soon.
The country progressed on price stability and the Commission will keep following developments on inflation. At the meeting, Finance Minister Petkova also emphasized the commitment to implement the necessary legal changes related to the independence of the Bulgarian Central Bank.
January 1, 2026 is a realistic goal, but there is still work to do.
