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Bulgaria to Adopt the Euro

European Union officials gave the green light on Wednesday for Bulgaria to become the 21st member of the euro currency union, a key EU project aimed at deepening ties between member countries.

The EU established the European Central Bank to handle monetary policy and set interest rate benchmarks for member countries, similar to the role of the US Federal Reserve in the US. Reasons include fears of inflation, distrust of official institutions in a country that has had seven governments in four years, and widespread misinformation on social media. The country's economy has grown strongly without euro membership, doubling in size over the past two decades as its standard of living has almost caught up with Western Europe since emerging from communist rule in 1989.

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