Financier Plamen Danailov, a municipal councilor from the “There Is Such a People” party, has recently discussed Bulgaria’s potential adoption of the euro, emphasizing that although the goal is achievable, the process will be stressful. Speaking to Bulgarian National Radio, Danailov suggested that Bulgaria’s political decision to seek membership in the eurozone was already in place, even though meeting the necessary criteria remained challenging. He noted that the government’s readiness to submit an official request to the European Commission and the European Central Bank for convergence reports until the end of February signals progress.
While Danailov acknowledged the difficulty in meeting the eurozone’s requirements, he expressed confidence that Bulgaria was likely to receive a positive response from European partners. However, he pointed out that the delay was not caused by parliamentarians but rather by the lack of a finalized budget from the Council of Ministers, which must present the proposal. He explained that the state budget, along with the National Health Insurance Fund (NHIF) and National Social Security Institute (NSSI) bills, was expected to be finalized soon.
The financier further emphasized that entering the eurozone until January 1, 2026, would require considerable effort from all Bulgarian institutions. While he believes that adoption is possible, he stressed that the process would come with significant challenges and tension. The success of this endeavor hinges on Bulgaria’s institutions functioning smoothly, with Danailov asserting that a well-functioning state is essential for a prosperous economy.
Danailov also touched on the socio-economic divide within Bulgaria, which presented a barrier to euro adoption. He highlighted the disparity between Sofia and the rest of the country, where income and resource distribution remains uneven. This issue complicates the path to meeting the eurozone’s criteria but he still remains hopeful that the country’s eventual integration will bring positive outcomes.
He also outlined the benefits of adopting the euro, emphasizing that it would enhance Bulgaria’s image as an attractive and stable investment destination. The adoption of the euro would further demonstrate that Bulgaria’s institutions are functioning effectively, which would boost international confidence in the country.
In addition to his comments on the euro, Danailov addressed the recent boycott by large retail chains. He supported the idea of protests as a legitimate means of expressing public opinion, provided they remained peaceful. He noted that this particular protest succeeded in drawing attention to the need for institutional action, particularly in terms of regulation by the Commission for Protection of Competition (CPC). According to Danailov, fostering increased competition will help reduce prices and benefit consumers, though he cautioned against imposing excessive requirements on small and medium-sized enterprises. He stressed that the state must also work to connect manufacturers directly with consumers to create a more efficient market. (Novinite)