Bulgaria's Eurozone Aspirations: Vice President Iliana Yotova's Call for Progress

Politics | June 17, 2024, Monday // 17:05
Bulgaria: Bulgaria's Eurozone Aspirations: Vice President Iliana Yotova's Call for Progress

Vice President Iliana Yotova emphasized Bulgaria's imperative to maintain momentum towards joining the Eurozone during a forum dedicated to the country's Eurozone accession prospects.

Yotova stressed that Bulgaria should not delay its efforts to join the Eurozone, citing the necessity for active participation in addressing existing challenges within the currency union. She highlighted persistent issues stemming from the 2008 financial crisis and asserted Bulgaria's voice should be heard in shaping the union's future amidst these complexities. Yotova emphasized that without full integration into Schengen and the Eurozone, Bulgaria's EU membership remains incomplete.

Addressing concerns among citizens, Yotova called for depoliticizing the Eurozone accession issue to alleviate public apprehensions. She posed critical questions on convincing the population of the benefits of adopting the euro, including dispelling fears about sovereignty loss and potential inflationary impacts, which studies suggest would be minimal in the long term.

Acting Minister of Economy Petko Nikolov underscored consumer protection as a top government priority in the Eurozone transition. He outlined measures to ensure price transparency, including mandatory dual currency labeling in shops for a year after euro adoption, overseen by the Consumer Protection Commission under the Ministry of Economy and Industry.

Nikolov expressed confidence that Bulgaria is nearing fulfillment of the final criteria for euro adoption, particularly focusing on maintaining inflation levels within a specified range comparable to top-performing EU countries. He reaffirmed that joining the European currency remains a primary national objective alongside achieving full Schengen membership and OECD accession.

Nikolov reiterated the necessity for an extensive public information campaign to underscore the advantages of Eurozone membership, aiming to garner broader public support. He outlined Bulgaria's timeline, anticipating a request for an extraordinary convergence report by year-end to pave the way for a mid-2025 adoption date, pending legislative adoption of the euro law by the new National Assembly.

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Tags: Yotova, Bulgaria, Eurozone, euro

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