At the Sofia Economic Forum V, experts expressed strong support for Bulgaria's potential membership in the eurozone, predicting significant positive impacts on investor confidence. Asen Yagodin, former Vice President of the European Investment Bank (EIB) and current Deputy CEO of Corporate Banking and Capital Markets at Postbank, emphasized that Bulgaria’s entry would likely boost investor trust in the country's economy. He highlighted that the current peg of the Bulgarian lev to the euro means that in practical terms, the country is already using the euro but without fully benefiting from its advantages, such as the elimination of fees for currency exchanges and transfers.

Lilyana Pavlova, a prominent figure in Bulgarian economic policy, also underscored the strategic importance of adopting the euro, suggesting it would not only benefit Bulgaria but also the wider region. She expressed optimism about Bulgaria being ready for eurozone membership by January 1, 2026, noting the progress made in meeting the necessary financial and economic criteria. Pavlova emphasized that fiscal stability, investor confidence, and a stable banking system would all contribute to a more prosperous Bulgaria, positioning it as a more attractive place for economic growth. She also highlighted the importance of comprehensive reforms and strong fiscal discipline to meet the Maastricht criteria, along with the need for a well-structured information campaign to combat misinformation about the euro adoption process.

Furthermore, Pavlova pointed to the modernization of the administration and the digitization of public services as critical steps for Bulgaria in preparing for the eurozone transition. She also mentioned that small and medium-sized enterprises would need targeted support, including training programs, to help them navigate the changes.

Yagodin also discussed how adopting the euro would signal to investors that Bulgaria is ready to join the ranks of the wealthiest EU nations, which could lead to more favorable financing conditions for Bulgarian companies. He suggested that Bulgaria’s eurozone membership would make the country an even more attractive investment destination.

The German Ambassador to Bulgaria, Irene Maria Plank, added that once Bulgaria fulfills the convergence criteria, joining the eurozone would be a natural step. She pointed out that such a move would likely increase Bulgaria's exports, further integrating the country into the European economy.

The discussions at the Sofia Economic Forum V reflected a broad consensus that joining the eurozone is crucial for Bulgaria’s long-term economic growth and regional stability, provided the country continues to meet the necessary criteria and prepares for the transition.

Source: Sofia Economic Forum