Petar Ganev, an economist from the Institute of Market Economy, discussed Bulgaria’s readiness for joining the Eurozone in an interview with BNR, noting that the upcoming regular convergence report would likely indicate the country was not prepared. Ganev emphasized the necessity of a government capable of leading high-level discussions and implementing consistent policies for a smooth transition towards Eurozone integration, cautioning against hasty moves without strategic planning.
Regarding Bulgaria’s progress towards meeting the inflation criterion, Ganev used an analogy, suggesting the country was nearing the target but needed sustained stability to ensure compliance over time.
In addressing inflation risks, the economist highlighted ongoing debates about potential volatility in Europe amid current geopolitical uncertainties. He underscored that while adopting the Law on the Euro was a critical regulatory step towards membership, the real challenges lay in achieving political consensus and meeting all necessary criteria.
Looking ahead, Ganev commented on the financial outlook under the next finance minister, anticipating a broader budget and emphasizing the importance of smart resource management. He noted that there was room for policies aimed at benefiting the populace, supported by manageable operational budgeting.
Ganev also remarked on Bulgaria’s evolving wage policies, noting significant growth in both public and private sector salaries. He dismissed the previous notion of keeping wages low for competitiveness, suggesting that the approach had shifted.
Regarding Bulgaria’s Recovery and Sustainability Plan, Ganev stressed the long-term significance of the reforms and policies outlined within it. He emphasized the need to maintain continuity beyond the plan’s lifespan, ensuring sustained adherence to its framework for future economic stability and growth. (Novinite)