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
What Is This? following week. The group decided to change their name to the Red Hot Chili Peppers, played several more shows at various L.A. clubs and musical venues, and eventually recorded a demo tape, all while Slovak and Irons were still playing with What Is This?. A few months later, What Is This received a record deal with MCA Records and the Red Hot Chili Peppers received a joint deal with EMI America and Enigma Records. Hillel Slovak and Jack Irons decided to leave the Red Hot Chili Peppers and stay with What Is This? as the latter was their primary musical