Countdown to Eurozone: Bulgaria's Campaign Gears Up

Business » FINANCE | January 11, 2024, Thursday // 10:55
Bulgaria: Countdown to Eurozone: Bulgaria's Campaign Gears Up

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.

Earlier this fall, the Ministry of Finance initiated a competition to select a logo, motto, and brand book for the campaign. Although the official results are yet to be disclosed, sources suggest that the outcomes are already available. The Ministry is currently fine-tuning the website, developed by the state company "Information Service" (IS), in preparation for its launch at the end of the month.

The Bulgarian National Bank (BNB) is actively collaborating on the campaign, providing valuable information on a dedicated website and featuring multimedia content, including videos, on its sub-page. The Ministry of Finance is in the process of finalizing agreements with TV stations for broadcasting campaign materials. Social networks will also play a pivotal role, and live events across the country are in the pipeline.

However, two critical aspects will be conspicuously absent from the campaign, as per the directive of the European Commission. The specific date of Bulgaria's transition to the euro and the exchange rate will not be disclosed. Despite being a known parameter (BGN 1.95583 per 1 euro), the omission is in line with Brussels' universal rule.

The campaign unfolds in three phases, with the first phase running until mid-year, expecting a pivotal report that may or may not extend a formal invitation to Eurozone membership. The second phase encompasses the remainder of the year, and the third spans the initial six months post-euro adoption.

With a substantial budget of BGN 10 million allocated for the campaign, BGN 800,000 is earmarked for the Ministry of Foreign Affairs, and BGN 200,000 for the Economic and Social Council. The remaining BGN 9 million will be distributed among various departments for funding campaigns, ensuring a widespread and engaging promotion of Bulgaria's momentous transition to the euro.

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Tags: Bulgaria, Eurozone, finance, campaign

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