Bulgaria and the euro a stable ERM-II member for a minimum of two years. While Bulgaria has not formally joined the exchange rate mechanism, the ±15% floating band permitted within ERM II is less restrictive than Bulgaria's current strict peg of 1.95583 BGN to 1 EUR. The lev has been pegged to the euro since its launch, and prior to that was pegged on par to the German Mark. While the currency board which pegs Bulgaria to the euro has been seen as beneficial to the country fulfilling criteria so quickly, the ECB has pressured Bulgaria to drop it as it did not know
Protestantism in Bulgaria church funding was cut off by a law curbing foreign currency transactions. Because many ministers had been educated in the West before World War II, they were suspected automatically of supporting the opposition parties. In 1949 thirty-one Protestant clergymen were charged with working for American intelligence and running a spy ring in Bulgaria. All church property was confiscated, and the churches' legal status was revoked. Most of the mainstream Protestant denominations maintained the right to worship nominally guaranteed by the constitution of 1947. Like the practitioners of the other faiths, Protestants in Bulgaria enjoyed greater religious freedom after the fall