The convergence reports of the European Commission and the European Central Bank have been published these days. New Member States wishing to enter the euro area consider these reports very important. In Bulgaria, which, according to the government, remains firmly committed to complying with the obligation in its EU accession treaty of adopting the euro, the official institutions seem determined to do everything they need to join the Eurozone. At this backdrop, both reports have received considerable attention from the government and various experts, observers, analysts and media. Analyzes and assessments contained in the reports on problems Bulgaria faces on its European path have been interpreted in various ways, ranging from "nothing special" to "a slap for Bulgaria’s Euro-ambitions". The truth, as always, should be sought somewhere in the middle of these two extremes. Despite the conclusion that Bulgaria is not yet ready for the euro, the report also praises achievements which other Eurozone candidates can only dream of.

The main conclusion in the reports that this country is not ready to switch to the euro is alarming but also logical and shared by Bulgarian authorities themselves. Because they know very well that one of the basic requirements for joining the euro area is adopting currency-exchange mechanisms and regulations in the so- called "waiting room" of the euro area - ERMII. Without staying for years in this sort of "purgatory", no country has any chances for the euro, and it is clear to everyone who knows something about the euro, including opposition, experts and bankers in the country. It is no coincidence that Sofia openly stated that by the end of the Bulgarian Presidency of the Council of the European Union on June30 it plans to apply for ERM II and not directly for the euro area, which means positions on the topic are very similar. The views of the two sides differ when it comes to the question of entering into the banking union. Brussels and Frankfurt insist on joining the Banking Union first, while Sofia wants to be first accepted into the currency mechanism before joining the union on the next day, as Prime Minister Boyko Borissov said. So far, the views on one of the key requirements for the Eurozone do not match. And this could surely delay the progress of this country towards the Eurozone.

However, if we take a look at the figures, Bulgaria has long met all the criteria for both the ERMII and the Euro area itself - both when it comes to public debt and budget deficit, as well as exchange rate stability, price stability, long-term interest rates, etc. Bulgaria meets all of these with the exception of unwritten but politically crucial requirements on life standard and corruption. Knowing that ultimately Bulgaria's admission to the euro zone is above all a political decision, it is clear how important these criteria are and how unclear the fate of the country is on the road to the euro with criteria that do not have a numerical expression and which everyone could interpret the way they wanted. Sofia already has the bitter experience of the Schengen area that Bulgaria cannot join because of political arguments for nearly five years despite fulfilling all measurable and objective criteria. Something similar is currently happening the euro.

It has to be acknowledged that Europe has many reasons to expect more from Bulgaria in terms of material well-being of the population and the functioning of law enforcement and justice. But these are not things that could change for a day through a law or clear set of rules. Because this concerns complex and contradictory systems that are slowly reforming and gradually improving their achievements. The rule of law and material well-being are not things Europe has achieved for 10 or 20 years. Bulgaria also needs time and it is important to go along the right path with well-meaning partners and allies. And Brussels knows it very well, as they have placed this country under the magnifying glass and control developments in the areas of justice, law enforcement, the fight against corruption and major macroeconomic indicators. So far, however, the euro-horizon for Bulgaria seems to be moving away in an unknown direction and it is unclear for how long it would do so.