Bulgaria Says It Will ‘Slow Down the Tempo’ to Euro Adoption

Bulgaria signaled it may delay its bid to adopt the euro amid fears the preparatory steps could jeopardize a long-standing fixed exchange rate to the common currency.

The Balkan country had planned to join ERM-2 -- a mechanism that acts as the euro’s ante room before full membership -- by the end of April. But parliament recently passed legislation mandating the government to only do so at the existing exchange rate.