Bulgaria has hit a setback to its hopes of soon becoming a member of the shared euro currency after the European Central Bank said the EU's poorest country needs "wide-ranging" reforms to get its economy in shape. That assessment came in the ECB's report card Wednesday on progress toward membership among seven European Union member countries that have not yet joined the 19-country euro. The decision is ultimately made by eurozone political leaders based on the currency union's rules but the ECB report will strengthen skepticism about the Bulgarian bid. Bulgaria maintains a stable exchange rate since its currency, the lev, has been pegged to the euro since 1997. Legally, their EU membership means they commit to join the euro once they meet the necessary conditions, which can take years.

Source: ABC News May 23, 2018 11:56 UTC