GS 2 – International Relations
Context:
Bulgaria will officially become the 21st member of the Eurozone on January 1, 2026, following formal approval by EU finance ministers.
About Bulgaria:
| Feature | Description |
| Location | Southeastern Europe, in the eastern part of the Balkan Peninsula |
| Capital | Sofia |
| Borders | Romania, Black Sea, Turkey, Greece, Serbia, and North Macedonia |
Geographical Features:
- Rivers:
- Danube River: Forms the northern border with Romania, vital for transport, agriculture, trade, and tourism.
- Mountain Ranges:
- Balkan Mountains (Stara Planina): Run east-west, splitting the country into northern and southern zones.
- Rila and Rhodope Ranges: Located in the south; includes Musala Peak, the highest point in the Balkans.
- Other Landscapes:
- Black Sea Coast: Renowned for tourist hubs like Sunny Beach, Varna, and Burgas.
- Sofia Basin: A fertile lowland area around the capital, surrounded by mountains.
Cultural Significance:
- Bulgaria is a crossroads of Eastern and Western civilizations.
- Influenced by Slavic, Thracian, Greek, and Ottoman traditions.
- Notable for:
- Orthodox churches
- Ottoman mosques
- Roman ruins
- Traditional dishes like yogurt, banitsa, and kebapche
About the Eurozone (Single Currency Area)
What is the Eurozone?
A monetary union comprising European Union (EU) nations that use the euro (€) as their official currency.
- Launched:
- 1999: Digital/virtual transactions
- 2002: Physical euro notes and coins introduced
Institutions Involved:
- European Central Bank (ECB)
- Eurogroup
- National central banks of member states
Features:
- Unified Currency:
Facilitates seamless trade, travel, and economic integration across borders. - Monetary Integration:
Coordinated policies on interest rates and inflation control. - Stability Mechanisms:
Includes bailout tools like the European Stability Mechanism (ESM) and fiscal oversight rules. - Eligibility (Maastricht Criteria):
Countries must meet benchmarks on:- Inflation
- Exchange rate stability
- Public debt and fiscal deficit
- Members:
- 20 countries prior to Bulgaria’s approval
- Croatia was the most recent entrant in 2023