Bulgaria’s Path to the Euro: 13th Annual Meeting of Business with Government

Politics » BULGARIA IN EU | January 30, 2019, Wednesday // 09:47
Bulgaria: Bulgaria’s Path to the Euro: 13th Annual Meeting of Business with Government

Lower interest rates on loans and a stable banking system will be among the positive effects of joining the Eurozone, Bulgaria’s Prime Minister Boyko Borissov said at the traditional annual meeting of the business and government on 29th of January. The forum is dedicated to Bulgaria's road to the Eurozone and the effects on the economy. The country has set itself the goal of joining the Eurozone waiting room in July this year, reports BNT. 

The PM delivered an extensive speech, which touched almost all aspects of the Bulgarian economy. He was firm that Bulgaria has taken the right path, namely the adoption of the Euro. Borissov pointed out that this will ensure discipline, security and transparency and will guarantee people's money. It would not matter who owns the banks in Bulgaria or what he does because the money of the ordinary people as well as the money of the business will be protected, the PM explained.

He also made a brief retrospection of what his government has achieved since 2014. According to him, the average wage has gone up by nearly 50%, GDP - by nearly 40%, and the country's external debt at the end of the year will reach 18.6%, which will place Bulgaria among the countries with the lowest external debt. This will ensure that the scenario with Greece is not repeated when adopted in the Eurozone. The PM also rejected the thesis that the investments in Bulgaria have dropped. On the contrary, in his words, they are increasing. Borissov said that even the World Bank is expected to open an outsourcing centre in Bulgaria, which will create 400 new jobs.

Boyko Borissov, Prime Minister: I am sure that Europeans, no matter how critical of our EU, know there is no better place to live, no place that is more stable, no higher degree of democracy. Indeed, when there are 27 or 28 states at a table, everyone needs to know problems of the others, take them into consideration and look for a pan-European solution.

Special guest at this year's meeting is the Vice-President of the European Commission and former Prime Minister of Latvia, Valdis Dombrovskis. He supports Bulgaria on the way to the Euro and pointed out that there are more advantages than disadvantages related to the adoption of the country. This will guarantee Bulgaria lower interest rates, lower transaction fees - ie. the transfer of money from abroad to Bulgaria will become cheaper and will also make the country more attractive to investors.

Valdis Dombrovskis, EC Vice-President: Tourism in Bulgaria is one of the most growing sectors and in 2018 marks a record number of tourists. When I think about the beauty of the Bulgarian mountains and the Black Sea coast, I am quite sure that there is potential for even greater growth in this sector.

Bulgaria’s Finance Minister Vladislav Goranov stressed that there is no obstacle, at least at this stage, for the country to be accepted in the Eurozone waiting room in the middle of this year.

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