Bulgaria insists that the common European currency unit is spelt "evro", the way the currency is pronounced in Bulgarian and as it appears in its Accession Treaty, while the European Central Bank wants "euro," citing a December 1995 Madrid Summit decision according to which "the name of the common currency unit must be the same in all the official languages of the EU."
After negotiations with the EU Portuguese Presidency on Friday night, an agreement was reached that the Stabilisation and Association Agreement (SAA) between the EU and Montenegro will be signed on Monday in Luxembourg as planned, by the Bulgarian
side including. The Bulgarian translation of the document will include the euro abbreviation EUR. The declaration says also that the problem has to be solved soon.
Bulgaria, which had a linguistic reservation about the Bulgarian spelling of the common European currency, has agreed to this compromise, as it does not want to stop Montenegro in its development of closer relations with the EU.
The declaration, which was drafted Friday night, will be discussed and approved by the Committee of Permanent Representatives of EU Member States and will be adopted by the
General Affairs and External Relations Council before the Foreign Ministers participating in it sign SAA.
This will be the first case when the problem regarding the euro spelling is raised in an official document of the European Union, which also urges the quick solution of the issue, Zhoteva
If a quick and satisfying solution of the problem is not reached, Bulgaria may not sign the Reform Treaty, which is to be discussed at a summit on October 18 and 19 in Lisbon and
adopted officially at a December summit in Brussels.