Acting PM Donev: The Euro will contribute to Bulgaria becoming Richer

Politics | February 24, 2023, Friday // 10:46
Bulgaria: Acting PM Donev: The Euro will contribute to Bulgaria becoming Richer Acting PM Galab Donev

Prime Minister Galab Donev announced that the caretaker government will continue to work actively for the adoption of the euro. At a conference organized by the Ministry of Finance, he indicated that as long as he is Prime Minister, he will insist that the euro is talked about in an understandable and clear way, with arguments that are based on reasonable facts and not on irrational fears.

He announced that the conference opens a big conversation in society, which will seek to bring Bulgarian citizens closer to the idea of Bulgaria joining the Eurozone.

"The country's accession to the most developed economic and monetary union and the introduction of the second global reserve currency will make Bulgaria more prepared for both the current and the next possible crises, will give us additional stability both financially and geopolitically," he pointed out.

"The introduction of the euro gives an additional impetus to accelerate reforms and convergence with the most developed countries with the EU. Achieving long-term sustainability will be accelerated if Bulgaria is a member of the Eurozone," he stressed.

He cited research from the countries that have adopted the euro that entry into the common currency union does not have a significant effect on inflation, and the main risks are solely along the lines of unfair trade practices, citing Croatia as an example. He pointed out that inflation in Croatia rose by only 0.2% between December and January.

The lessons learned from Croatia will also be applied in Bulgaria, he assured

He pointed out that the entry into the Eurozone gives a positive impulse in all important aspects of the countries. He gave the example of Estonia, which also had a currency board, that in the 10 years after the adoption of the euro, the average salary rose by 85% to 1,548 euros in 2021.

"Among the new members, we see progress in the standard of living after joining the Eurozone. We have a strong positive example from which to draw experience," Donev added. He announced that the cabinet is ready to work at the same accelerated pace for the adoption of the euro.

Dombrovskis: Bulgaria will be able to participate in all decisions

Valdis Dombrovskis, the executive vice-president of the European Commission, commented that through the currency board, Bulgaria practically adopted the euro, but since it is not formally part of the Eurozone, it only brings into the internal policy the decisions of the European Central Bank, without being able to be at the table where these decisions are made. "It is of vital importance that Bulgaria does not waver from the chosen path," he said. Dombrovskis pointed out that since its creation, the euro has become more than a medium of exchange between eurozone countries, it is a symbol of Europe's strength, unity and solidarity at a time when these values are threatened and tested.

"For a little more than 2 decades, the euro has contributed to the prosperity of the European economy," he emphasized.

"I know that not everyone supports the euro in Bulgaria," he pointed out, but he said that "a year before the entry into the Eurozone of his homeland Latvia, only 40% of citizens supported it, and now their share has risen to 80%." "It is vital that people are clearly informed," he stressed.

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Tags: Prime Minister, Donev, euro, Bulgaria

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