PM: Systems in Bulgaria are prepared for introduction of the euro

Sofia: The systems in Bulgaria are prepared for the introduction of the euro, all the prerequisites are in place for the process to go smoothly, Prime Minister Rossen Zhelyazkov said on September 11, according to a statement by the government information service.

The European Union’s finance ministers approved on July 8 the final steps that will see Bulgaria use the euro as its currency from January 1 2026.

It is important to have stability and the government is doing everything possible to ensure it by solving the problems of business and citizens, Zhelyazkov said in Blagoevgrad, where he participated in a discussion as part of the National Information Campaign for the Introduction of the Euro.

“We will make maximum efforts, including with stable parliamentary support, to create all the prerequisites for the normal functioning of the state,” he said.

Zhelyazkov said that the political debate is also an important corrective for policies, but it should not become an end in itself for destructiveness, nor should it focus on the absence of a regular government, turbulence, systems not working fully and uncertainty in the functioning of the public sector.

In the new geopolitical environment, correct political solutions must be found that are not reactive only to the problems that accompany us today, but must look much further ahead, Zhelyazkov said.

He said that Bulgaria’s membership in the euro zone will contribute to the economic development of the country and the well-being of Bulgarian citizens.

Bulgaria’s membership of the euro zone is also the last step towards full-fledged European integration into the structures and systems of the European Union, he said.

“We will not accept a foreign currency, we accept our European currency, which will allow Bulgaria to be a more complete participant in the single European market,” Zhelyazkov said.

He named the benefits from the introduction of the euro as including stability and predictability.

The single currency reduces currency risks, Zhelyazkov said.

Along with this, there are lower transaction costs – this will be felt by anyone who actively trades and actively participates in economic turnover, he said.

“Economic integration should also in no way be left behind as an argument. It promotes integration between member states and greatly reduces differences.”

The euro zone protects member states much better from challenges, Zhelyazkov said.

Financial discipline is also an advantage, he said.

“Last but not least – membership in the eurozone is an important certificate of the country’s investment attractiveness,” he told the meeting.

For reliable official information on Bulgaria’s transition to the euro, the Association of Banks in Bulgaria has a Q and A, in English.

The official evroto.bg website has an English-language version, while the European Commission made available on July 8 a Q and A on Bulgaria’s changeover to the euro.