Bulgaria is one step closer to adopting the euro as its currency next year, as it received approval from the European Commission and European Central Bank after meeting certain economic criteria. Joining the Eurozone will bring long-term benefits including a higher credit rating,

Bulgaria has the green light to join the euro next year and become the 21st member of the European Union's currency union.

Bulgaria has been given sign-off to join the euro zone. The country becoming part of the euro zone would take the bloc from 20 to 21 members. Countries need to meet several criteria, including on price stability,