The Consumer Protection Commission (CPC) and the Commission for Competition Protection (CCP) are joining forces to prevent an unjustified increase in the prices of goods and services during the transition to the euro. The two commissions will also investigate for any prohibited agreements between traders that might fuel such speculation.
According to Rosen Karadimov, chairman of the Competition Protection Commission, there are currently legislative obstacles that hinder cooperation between the agencies and the National Revenue Agency. He emphasized the need for legislative amendments to enhance data sharing and coordination.
Meanwhile, Maria Filipova, who headed the Consumer Protection Commission, announced plans for a national information campaign following the convergence report on Bulgaria’s path to adopting the euro. Filipova said the campaign would cover 300 settlements in 30 days, engaging both citizens and traders to address questions and provide clear and predictable information about the changeover.
The two regulatory bodies also held a workshop to outline specific actions aimed at containing speculation and ensuring a smooth transition to the common European currency. They discussed setting up a monitoring mechanism using price indicators, which will continue to function even after the euro is adopted. This mechanism is intended to protect consumer interests and uphold fair competition among traders, suppliers and producers.
The two commissions will also check for prohibited agreements between traders. The sanctions for speculation are 10% of the turnover for the previous year and traders are aware of this, the chairman of the CPC adds.
Rosen Karadimov, newly elected to head the Competition Protection Commission, underscored that countering speculative price increases was a top priority. He highlighted this commitment even during his hearing in Parliament before assuming the role.
Both commissions are determined to act swiftly and decisively to ensure the market remains transparent and fair as Bulgaria prepares to introduce the euro. (Novinite)