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
History of Bulgaria History of Bulgaria The history of Bulgaria can be traced from the first settlements on the lands of modern Bulgaria to its formation as a nation-state and includes the history of the Bulgarian people and their origin. The earliest evidence of hominid occupation discovered on what is today Bulgaria date from at least 1.4 million years ago. Around 5000 BC, a sophisticated civilization already existed and produced some of the first pottery and jewelry in the world. After 3000 BC, the Thracians appeared on the Balkan peninsula. In the late 6th century BC, most of what is nowadays Bulgaria came