Bulgaria switch to euro currency | National Sports Governance Act Comes Into Effect Partially

Bulgaria switch to euro currency

International

In News

• Recently, Bulgaria became the 21st country to switch to the euro, nearly 20 years after the Balkan nation joined the European Union (EU).

European Union

• The Maastricht Treaty of 1992 established the European Union.
• It paved the way for the formation of a common economic and monetary union, which is the European Economic and Monetary Union.
• Now, 27 member states:- The last country to join the European Union was Croatia, which became the 28th member on July 1, 2013, though the EU currently has 27 members after the UK left in 2020.
• It allowed the adoption of a common currency, which would be accepted as the sole legal tender, the euro.
• The euro was first rolled out in 12 countries on January 1, 2002.
• It also has a unified central banking system, which established the European Central Bank (ECB).
• And a common economic region.

Eurozone

• The eurozone, or officially the euro area, refers to the geographic and economic region comprising those members of the EU that have fully adopted the euro as their official currency.
• Composition : Bulgaria’s admission to the eurozone makes it the 21st nation out of 27 EU members to do so.

The remaining six use their own currencies instead.

• Four microstates, Andorra, Monaco, the Vatican City and San Marino, also use the euro through agreements with the EU, while Kosovo and Montenegro use the euro as their sole currency without an agreement. However, none of these countries are not regarded as members of the eurozone.
• Croatia was the 20th and last country to join the eurozone in 2023.

Additional Information – Bulgaria

• Location – It is a country occupying the eastern portion of the Balkan Peninsula in southeastern Europe.
• Neighbourhood– It is bounded by Romania to the north, with most of the border marked by the lower Danube River.
• The Black Sea lies to the east, Turkey and Greece to the south, North Macedonia to the southwest, and Serbia to the west.
• Capital city- Sofia.

National Sports Governance Act Comes Into Effect Partially

Polity and Governance

In News

• The Central Government has notified that select provisions of the National Sports Governance Act, 2025..

National Sports Governance Act, 2025:

• It was originally notified in August 2025, allowing different provisions to be implemented on different dates.
• It is a landmark legislation aimed at restructuring the governance of sports bodies in India.
• It seeks to align Indian sports administration with global standards while prioritizing athlete welfare and transparency.

Features

• National Sports Governing Bodies: The Act provides for establishing: National Olympic Committee, National Paralympic Committee.
• The national bodies will have affiliation with respective international bodies.
• National Sports Board: The Act empowers the central government to establish a National Sports Board (NSB). It will grant recognition to the national sports bodies.
• National Sports Tribunal: The Act provides for constituting a National Sports Tribunal to adjudicate sports related disputes.

Objectives

• It aims to promote transparency, accountability, ethical practices and good governance in sports administration.
• It will also ensure welfare of sportspersons, and provide effective and timely resolution of sports-related disputes, in consonance with the Olympic Charter, the Paralympic Charter and international best practices.
• It will ensure representation of sportspersons in decision-making.