Bulgaria is on track to meet the final requirement for eurozone membership, with expectations to fulfill the price stability criterion until the end of 2024. This development was announced by Deputy Prime Minister and Minister of Finance Lyudmila Petkova at the opening of the 10th-anniversary international scientific conference “Digital Transformation and Economic Recovery in the Post-Crisis Period”, marking the start of the “Euro Week” at the University of National and World Economy (UNWE).
Petkova emphasized that once this criterion was met, Bulgaria would formally request extraordinary convergence reports from the European Commission and the European Central Bank. These reports will pave the way for the EU Council to set a potential date for Bulgaria’s eurozone accession. However, she noted that national efforts must continue, including implementing technical measures for the euro’s introduction and preparing a 2025 budget that ensures fiscal discipline with a deficit within 3% of GDP.
At the event, prominent figures such as Zornitsa Rusinova, Chairperson of the Economic and Social Council, and Petya Dimitrova, Chairwoman of the Association of Banks in Bulgaria, highlighted the significance of Bulgaria’s eurozone accession. Rusinova expressed confidence in young people and universities as catalysts for societal progress, emphasizing the euro’s role in economic prosperity. Dimitrova called the euro’s introduction one of the most important economic milestones for Bulgaria, underscoring its potential to bring financial stability, lower transaction costs and attract foreign investment.
The Deputy Governor of the Bulgarian National Bank, Assoc. Prof. Petar Chobanov, acknowledged the challenges of eurozone accession but stressed the importance of collaborative efforts. He highlighted the need for Bulgaria to prepare for its specialization within the eurozone, ensuring its central bank leverages its unique comparative advantages. Prof. Dr. Nikolay Nenovski echoed these sentiments, urging experts to focus on positioning the Bulgarian National Bank effectively within the eurozone framework.
Dimitrova also noted that Bulgaria’s banking system was already aligned with eurozone regulations but had yet to experience the full benefits of membership. She emphasized the need for unity among businesses, citizens, and the state to adopt successful practices from other countries. Similarly, Tsvetanka Mincheva of UniCredit Bulbank underlined the importance of a robust communication campaign to inform citizens and businesses about the benefits of adopting the euro.
During the three-day conference, topics such as digital currencies, monetary policies and Bulgaria’s prospects in the eurozone Petkova concluded by stressing that fiscal conservatism was not just essential for euro adoption but also for ensuring the long-term stability of Bulgaria’s public finances. She highlighted efficient public spending and investments as key drivers of economic growth, which, coupled with funds from the Recovery and Resilience Plan, could secure social and economic prosperity for the country. (Novinite)