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Topic 157 · Answers

Bulgaria joins the eurozone

All 10 answers, each with its Book 1 RATNA fact. Try the questions first

  1. Question 1Answer D

    Bulgaria became which member of the euro area on 1 January 2026?

    • 19th
    • 20th
    • 22nd
    • Correct answer: 21st

    Core Trigger: Bulgaria adopted the euro on 1 January 2026, becoming the 21st member of the euro area.From Book 1 RATNA, topic 157, point 1

  2. Question 2Answer D

    The lev and the euro circulated side by side through which month?

    • February 2026
    • March 2026
    • December 2025
    • Correct answer: January 2026

    Changeover: The lev was replaced at a fixed rate; both currencies circulated through January 2026.From Book 1 RATNA, topic 157, point 2

  3. Question 3Answer D

    Which ECB President welcomed Bulgaria into the euro area?

    • Mario Draghi
    • Jean-Claude Trichet
    • Wim Duisenberg
    • Correct answer: Christine Lagarde

    Current Head: ECB President Christine Lagarde welcomed Bulgaria; Bulgarian National Bank Governor Dimitar Radev joins the ECB Governing Council.From Book 1 RATNA, topic 157, point 3

  4. Question 4Answer C

    Consider: 1. The euro's ISO code is EUR. 2. The lev had circulated for 146 years. Which is/are correct?

    • Only 1
    • Only 2
    • Correct answer: Both 1 and 2
    • Neither

    Symbol: The euro's symbol is € and its ISO code is EUR; the lev had circulated for 146 years.From Book 1 RATNA, topic 157, point 4

  5. Question 5Answer D

    At what fixed rate, in lev per euro, was the lev converted?

    • 1.59583
    • 2.15583
    • 1.85533
    • Correct answer: 1.95583

    Data: The conversion rate was 1.95583 lev per euro; Bulgaria adopted the euro 19 years after joining the EU in 2007.From Book 1 RATNA, topic 157, point 5

  6. Question 6Answer D

    The European Parliament backed Bulgaria's euro entry by what vote?

    • 469 to 131
    • 412 to 88
    • 602 to 18
    • Correct answer: 531 to 69

    Approvals: EU finance ministers gave final approval in July 2025; the European Parliament backed it by 531 votes to 69.From Book 1 RATNA, topic 157, point 6

  7. Question 7Answer D

    Where is the European Central Bank headquartered?

    • Brussels
    • Luxembourg
    • Strasbourg
    • Correct answer: Frankfurt

    Headquarters: The European Central Bank, which issues the euro, is headquartered in Frankfurt, Germany.From Book 1 RATNA, topic 157, point 8

  8. Question 8Answer D

    On which date was the ECB established?

    • 1 January 1999
    • 1 January 2002
    • 7 February 1992
    • Correct answer: 1 June 1998

    Founded: The ECB was established on 1 June 1998; the euro launched in 1999, with cash in 2002.From Book 1 RATNA, topic 157, point 9

  9. Question 9Answer D

    Which treaty set the convergence criteria for adopting the euro?

    • Treaty of Rome
    • Treaty of Lisbon
    • Treaty of Amsterdam
    • Correct answer: Maastricht Treaty

    Landmark: The Maastricht Treaty (1992) set the convergence criteria that every country must meet before adopting the euro.From Book 1 RATNA, topic 157, point 10

  10. Question 10Answer A

    Consider: 1. Convergence criteria include a deficit under 3 per cent of GDP. 2. They require public debt under 90 per cent. Which is/are correct?

    • Correct answer: Only 1
    • Only 2
    • Both 1 and 2
    • Neither

    Doctrine: Convergence criteria include a deficit under 3 per cent of GDP, debt under 60 per cent and exchange-rate stability.From Book 1 RATNA, topic 157, point 12

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