Enlargement of the eurozone

Finance Minister Asen Vasilev has issued a recommendation for Bulgarian companies to expedite their preparations for the transition to the euro next year as reported by BNR.

Eurogroup President Paschal Donohoe confirmed that Bulgaria could adopt the euro in 2025. This statement came following discussions with Bulgarian officials, including outgoing Prime Minister Nikolay Denkov, outgoing Deputy Prime Minister Mariya Gabriel, and outgoing Finance Minister Assen Vassilev.

Bulgaria edges closer to potentially adopting the euro, but the debate over whether to keep the national currency, the lev, or transition to the European currency continues to stir controversy among the public. On our Facebook page, we recently posed this question to our readers: "Adopt the Euro or Keep the Lev?", and the response was resounding.

Speaking at a briefing following a meeting with Croatian Central Bank Governor Boris Vujcic, Bulgarian National Bank (BNB) Governor Dimitar Radev highlighted the significant costs associated with delaying entry into the eurozone.

During his visit to Bulgaria, Croatian Central Bank Governor Boris Vujcic reassured that Croatia's transition to the euro did not result in a significant uptick in prices.

In a significant step towards Eurozone integration, Bulgaria asserts its readiness to join the currency union without relying on exceptions, according to statements made by officials in Brussels. Petar Chobanov, Deputy Governor of the Bulgarian National Bank, emphasized Bulgaria's commitment to meeting the criteria for Eurozone membership during a conference organized by MEP Emil Radev.

Banker and economist Levon Hampartsumyan addressed concerns about Bulgaria's adoption of the euro, emphasizing the need to overcome fears and embrace the impending change. According to Hampartsumyan, the shift to the euro as the primary measure of economic success will not only be seamless but also without financial burdens for the public.

During a parliamentary question time, Prime Minister Nikolai Denkov declared that Bulgaria's target for joining the euro area is set for January 1, 2025. Denkov emphasized the adherence to the Maastricht criteria, integral to EU treaties, as a crucial aspect of the process.

Bulgaria is gearing up for an extensive national campaign to usher in its entry into the Eurozone on January 1, 2025. The Ministry of Finance has announced that the campaign is set to kick off at the end of January 2024, with the launch of an informative website dedicated to providing essential details about the Euro adoption.

In a recent Facebook post, Ivaylo Mirchev, an MP from "We Continue the Change - Democratic Bulgaria," raised suspicions about President Rumen Radev's alleged sabotage of Bulgaria's Eurozone aspirations. The suspicion stemmed from a notable discrepancy in the 2023 budget deficit figures, indicating deliberate obstruction.