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The national fiscal accounts for the previous full calendar year are released each year in April (next time 23 April 2015).{{Update inline|date=August 2016}}<ref>{{cite web|url=http://epp.eurostat.ec.europa.eu/portal/page/portal/release_calendars/news_releases|title=Release Calendar for Euro Indicators|publisher=Eurostat|accessdate=18 December 2012}}</ref> As the compliance check for both the debt and deficit criteria always awaits this release in a new calendar year, the first possible month to request a compliance check will be April, which would result in a data check for the HICP and interest rates during the reference year from 1 April to 31 March. Any EU member state may also ask the European Commission to conduct a compliance check, at any point of time during the remainder of the year, with HICP and interest rates always checked for the past 12 months – while debt and deficit compliance always will be checked for the three-year period encompassing the last completed full calendar year and the two subsequent forecast years.<ref name="Convergence Report 2012">{{cite web|url=http://www.ecb.int/pub/pdf/conrep/cr201205en.pdf|title=Convergence Report (May 2012)|format=PDF|publisher=ECB|date=May 2012|accessdate=18 November 2012}}</ref><ref>{{cite web|url=http://ec.europa.eu/economy_finance/publications/european_economy/2014/pdf/ee4_en.pdf|title=Convergence Report 2014|format=PDF|publisher=European Commission|date=4 June 2014|accessdate=4 June 2014}}</ref> As of 10 August 2015, none of the remaining euro derogation states without an opt-out had entered ERM-II,<ref name="List of euro central rates">{{cite web|url=https://www.bundesbank.de/Redaktion/EN/Downloads/Publications/Statistical_Supplement_5/2015/2015_08_exchange_rate_statistics.pdf?__blob=publicationFile|title=Exchange rate statistics: August 2015|format=PDF|work=Central rates and intervention rates in Exchange Rate Mechanism II|publisher=Deutsche Bundesbank|date=14 August 2015}}</ref> which makes it highly unlikely that any of them will request that the European Commission conduct an extraordinary compliance check ahead of the publication of the next regular convergence report scheduled June 2016.
===Additional requirements===
In the wake of the financial crisis, Eurozone governments have sought to apply additional requirements on acceding countries. Bulgaria, initially aiming to join the [[banking union]] after its ERM accession agreed to join it simultaneously, requiring its banks to first undergo stress tests. Bulgaria also agreed to reinforce supervision of the non-bank financial sector and fully implement EU anti money-laundering rules. While the reforms from the [[Cooperation and Verification Mechanism]] (which applies only to Bulgaria and Romania) were also expected, leaving the CVM is not a precondition.<ref name="FT BG 127">[https://www.ft.com/content/4b622248-8609-11e8-a29d-73e3d454535d Bulgaria agrees to conditions for joining euro], Financial Times 12 July 2018</ref>
===Changeover plan===
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Prior to 2015 it had been government policy to hold-off application until the [[European sovereign-debt crisis]] had resolved<ref name="Radio Bulgaria">{{cite web|url=http://bnr.bg/sites/en/Lifestyle/BGEU/Pages/2607BulgariaputsoffEurozonemembershipfor2015.aspx|title=Bulgaria puts off Eurozone membership for 2015|publisher=Radio Bulgaria|date=26 July 2011|accessdate=2 September 2012|archiveurl=https://web.archive.org/web/20131220222945/http://bnr.bg/sites/en/Lifestyle/BGEU/Pages/2607BulgariaputsoffEurozonemembershipfor2015.aspx|archivedate=20 December 2013}}</ref><ref>{{cite web|url=https://www.bloomberg.com/news/2014-01-15/bulgaria-sees-euro-recovery-to-boost-growth-quickly-kostov-says.html|title=Bulgaria Sees Euro Recovery to Boost Growth Quickly, Kostov Says|publisher=Bloomberg|date=15 January 2014}}</ref> but with the election of [[Boyko Borisov]], Bulgaria began pursuing membership. In January 2015, Finance Minister [[Vladislav Goranov]] aimed to apply during the current government. He began talks with the [[Eurogroup]]<ref name=bulgERM>{{cite web|url=http://www.euractiv.com/sections/euro-finance/bulgaria-says-it-will-start-talks-join-euro-311331|title=Bulgaria says it will start talks to join the euro|date=16 January 2015}}</ref> and established a co-ordination council to prepare for membership.<ref>{{Cite web|title = Bulgaria creates council for preparation for euro zone membership|url = http://sofiaglobe.com/2015/07/01/bulgaria-creates-council-for-preparation-for-euro-zone-membership/|website = The Sofia Globe|date=1 July 2015}}</ref><ref name="Bulgarian Coordination Council">{{cite web|url=https://translate.googleusercontent.com/translate_c?act=url&depth=1&hl=da&ie=UTF8&prev=_t&rurl=translate.google.com&sl=bg&tl=en&u=http://www.government.bg/cgi-bin/e-cms/vis/vis.pl%3Fs%3D001%26p%3D0228%26n%3D7157%26g%3D&usg=ALkJrhhwhkBbNEgc68JBKKHR-fF55WduiA|title=A Coordinating Council on Bulgaria's membership in the euro area|language=Bulgarian|publisher=Bulgarian Government|date=1 July 2015}}</ref> Following the [[Bulgarian parliamentary election, 2017|2017 parliamentary elections]] Borisov's government was re-elected. Borisov stated that he intended to apply to join ERM II<ref>{{citeweb|url=http://sofiaglobe.com/2017/03/31/gerb-leader-borissov-bulgaria-will-apply-to-join-euro-zone/|title=GERB leader Borissov: Bulgaria will apply to join euro zone|date=2017-03-31|accessdate=2017-04-06|publisher=Sofia Globe}}</ref> but Goranov elaborated that the government would only seek to join once the eurozone states were ready to approve the application, and that he expected to have clarity of this by the end of 2017.<ref>{{citeweb|url=http://www.financialobserver.eu/recent-news/bulgaria-to-know-its-chances-for-erm-ii-accession-by-end-2017/|title=Bulgaria to know its chances for ERM-II accession by end-2017|date=2017-07-03|accessdate=2017-07-04|publisher=Central European Financial Observer}}</ref> On taking the [[presidency of the Council of the European Union]] in January 2018, [[Prime Minister of Bulgaria|Prime Minister]] [[Boyko Borisov]] indicated no clarification had been given but announced he was going to pursue applications for both ERM-II and [[Schengen Area|Schengen]] by July of 2018 regardless.<ref>[https://www.euractiv.com/section/economy-jobs/news/bulgaria-expects-to-apply-for-eurozone-waiting-room-by-july/ Bulgaria expects to apply for eurozone waiting room by July], EURACTIV 11 January 2018</ref><ref>[https://www.reuters.com/article/bulgaria-eurozone/update-2-defiant-bulgaria-to-push-for-erm-2-membership-idUSL8N1P625A UPDATE 2-Defiant Bulgaria to push for ERM-2 membership] Retuers 11 January 2018</ref><ref>[http://www.euronews.com/2018/01/11/bulgaria-renews-calls-for-euro-as-it-takes-on-eu-presidency Bulgaria renews calls for euro as it takes on EU presidency], Euronews 11 January 2018</ref>
However this deadline was put back to July 2019 due to extra conditions requested by Eurozone governments, namely that Bulgaria;<ref name="FT BG 127"
*Join the [[banking union]] at the same time as ERM (meaning Bulgaria's banks must first pass stress-tests).
*Reinforce supervision of the non-bank financial sector and fully implement EU anti money-laundering rules.
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