Bulgaria's readiness to join the eurozone has become a hot topic, with varying opinions emerging from politicians and parties. Andrey Valchev, a member of the Bulgarian Socialist Party (BSP), stated on Nova TV that Bulgaria is not yet ready to adopt the euro. He emphasized that citizens should not bear the consequences of the country's potential entry into the eurozone, suggesting that a request for a convergence report would be made once all objective data is in place. Valchev also called for the Ministry of Finance to carry out an information campaign on the matter. While acknowledging the benefits of adopting the euro, he voiced concerns about the current state of public finances, calling the situation "alarming."

The political debate on the eurozone continues with different interpretations of Bulgaria’s public finances, particularly concerning the inflation rate, one of the key criteria for joining the eurozone. Initially, GERB argued that inflation was just above the eurozone average, while the We Continue the Change-Democratic Bulgaria (WCC-DB) coalition countered that the lowest inflation country should be excluded from the reference list. The debate shifted when attention was drawn to the budget deficit, with claims of an 18 billion leva shortfall. Finance Minister Temenuzhka Petkova found herself entangled in conflicting figures regarding the budget, leading to confusion over the country's fiscal health.

Vesselin Stoynev, commenting on the situation on BNT, pointed out that if Bulgaria misses the target of January 1, 2026, for joining the eurozone, it could be postponed until 2028. Stoynev emphasized that while the current government is working diligently, it risks lacking a clear goal unless the eurozone issue is resolved. He stressed that the financial gap, including the budget deficit, would be difficult to overcome without making drastic budget cuts or raising taxes, which may not align with the promises made to the public, particularly regarding salary increases for certain sectors, including the Ministry of Interior.

As the debate continues, the ruling coalition faces a critical decision regarding Bulgaria's eurozone accession. GERB is at a crossroads, with the challenge of balancing pressure from both pro-European and Eurosceptic factions within the government. On one hand, delaying Bulgaria's entry could be used as an argument for readiness, catering to anti-euro sentiments. On the other hand, pushing for faster entry could garner the support of pro-European groups like WCC-DB, although this risks alienating Eurosceptic parties such as "Revival" (Vazrazhdane).

Revival, the pro-Russian and anti-EU party, has already warned of public protests if the government pursues rapid eurozone accession, and has even suggested a referendum on the matter. Meanwhile, WCC-DB advocates for an accelerated approach, urging the government to present a clear roadmap and meet the eurozone criteria sooner rather than later. With the political landscape divided, GERB’s decision will be crucial in determining Bulgaria's path forward.

The dilemma lies in whether GERB will align with WCC-DB's pro-European stance or yield to Revival's Euroscepticism. If GERB pushes for a delayed entry, it may appeal to those concerned about the euro's potential impact on the economy, but risks damaging its image as a pro-European party. However, if the ruling coalition chooses a quicker path to the eurozone, it could solidify its legitimacy but at the cost of internal opposition. The outcome of this debate will shape Bulgaria's future economic and political trajectory as it navigates the challenges of joining the eurozone.

Sources:

• Nova TV
• BNT
• Deutsche Welle