Bulgarian National Bank: We are on the Final stretch on the Road to the Eurozone

Business » FINANCE | May 30, 2023, Tuesday // 13:26
Bulgaria: Bulgarian National Bank: We are on the Final stretch on the Road to the Eurozone

"Bulgaria is on the final stretch on the road to the Eurozone". This was stated by Iliya Lingorski from the BNB Board of Directors during a forum dedicated to the advantages for business and the economy of the adoption of the euro.

"By virtue of Bulgaria's membership in the European Banking Union and its key mechanisms - the Single Supervisory Mechanism and the Single Restructuring Mechanism - the Bulgarian National Bank (BNB) participates in making the most important decisions related to the supervision and restructuring of banks in the Eurozone, including banks in Bulgaria," Lingorski pointed out. The Bulgarian National Bank and the Ministry of Finance are working together on synchronizing the organizational, technical and regulatory activities for our country's accession to the common European currency, he added. The technical conditions are already met:

"Therefore, we are at the beginning of the road, we are at the final stretch and we are at an important and, I would say, perhaps the most difficult part of this road by joining our country to the European Banking Union and the Bulgarian Lev to the European Monetary Mechanism".

During the forum, the example of Croatia was also mentioned, which, after adopting the euro since the beginning of the year, has seen a growth in the Gross Domestic Product of 2.8% and a drop in inflation from 10% to 8%.

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Tags: euro, Eurozone, Bulgaria, BNB

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