What will the Adoption of the Euro Bring to Bulgaria?

Bulgaria can not expect that by replacing the lev with the euro this will automatically lead to higher growth for the economy. In order to reach it, additional efforts have to be made by the state. The main expected benefit may be the lower cost of doing foreign transactions, which can save the country several million euros a year.

This is what Daniel Gros, Director of CEPS, has expressed in the framework of the Annual Business and Government Meeting organized by Capital.

"My general conclusion is that the benefits of Bulgaria's accession to the Eurozone will be great, but there will be no automatic boom of growth, and the government should work in this direction and contribute," the expert said.

According to him, the Bulgarian economy performs much better than 20 years ago, but still not so well than expected.

"Bulgaria performs better than Greece, for example, but worse than other European countries, the root is in the specifics of trade," said Gros.

The expert points out that our country exports more goods with low added value compared to Romania, which performs better in this direction. Gros gave an example to the automotive industry, where our northern neighbor is still ahead of us.

"3% of Bulgaria's exports are generated by the sector at 18% for Romania, yes, the country has set a good start with the investments in the industry, but there is still something to do in this direction," he explains.

In the words of Daniel Gros, Bulgaria will be able to take advantage of European supply chains with the adoption of the euro. "However, the state should make good use of these opportunities," he added.

With regard to expectations of attracting more direct foreign investment after our country moves to the single...