Bulgaria and the euro government, notably economy minister Petar Dimitrov, have speculated about unilaterally introducing the euro, which was not well-met by the European Commission. The lev is not part of ERM-II, but since the launch of the euro in 1999, it has been pegged to the euro at a fixed rate of €1 = BGN 1.95583 through a strictly managed currency board. In all of the three latest annual assessment reports, Bulgaria managed to comply with four out of the five economic convergence criteria for euro adoption, only failing to comply with the criteria requiring the currency of the state to have been
Currency union Currency union A currency union (also known as monetary union) involves two or more states sharing the same currency without them necessarily having any further integration (such as an economic and monetary union, which would have, in addition, a customs union and a single market). Three types of currency unions exist: The theory of the optimal currency area addresses the question of how to determine what geographical regions should share a currency in order to maximize economic efficiency. Note: Every customs and monetary union and economic and monetary union also has a currency union. Additionally the autonomous and dependent territories,