Abstract
Research background: The subject of research is the macroeconomic situation of Bulgaria in the context of the country's preparations for joining the euro area. In 2018, the Bulgarian government approved a plan of preparations covering the period until the end of June 2019, which assumes that the country will join the ERM II mechanism in July 2019, and the euro area on 1 January 2022. Bulgaria meets four nominal convergence criteria regarding inflation, long-term interest rate, budget deficit and public debt. The national currency is pegged to the euro under the currency board arrangement. Despite this, the implementation of this optimistic scenario may be difficult because since the 2007 crisis, the European institutions pay more attention to macroeconomic stability and the sustainability of convergence.
 Purpose of the article: The aim of the article is to identify the factors destabilising macroeconomic equilibrium in Bulgaria, which are a potential obstacle to the adoption of the euro by Bulgaria on schedule.
 Methods: The research was based on the changes in selected macroeconomic indicators, as well as on the method used by the European Commission to detect macroeconomic imbalances. The observation and analysis covered the 2007?2018 period. 
 Findings & Value added: The research results indicate that the low level of socio-economic convergence of Bulgaria and macroeconomic imbalances may delay its membership in the monetary union. Therefore, while respecting the country's aspirations to join the euro area, one cannot ignore the risk of another destabilisation of the euro area.
Highlights
Upon joining the European Union in 2007, Bulgaria committed to the adoption of the single currency
In 2018, the Bulgarian government approved a plan of preparations covering the period until the end of June 2019, which assumes that the country will join the ERM II mechanism in July 2019, and the euro area on 1 January 2022
The research was based on the changes in selected macroeconomic indicators, as well as on the method used by the European Commission to detect macroeconomic imbalances
Summary
Upon joining the European Union in 2007, Bulgaria committed to the adoption of the single currency. The Accession Treaty, did not specify the date of the introduction of the euro. In 2017, the country declared its willingness to join the ERM II mechanism, aimed at stabilising the national currency's exchange rate. Bulgaria has not yet formally joined the exchange rate stabilisation mechanism, it has been using a currency board arrangement for over 20 years. By entering the ERM II, Bulgaria will fulfil the last formal criterion of the Maastricht Treaty. The remaining four nominal convergence criteria regarding inflation, long-term interest rate, budget deficit and public debt are already being met by the country
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