Lilyana Pavlova: The Euro Is Not a Cure-All, but a Strategic Opportunity for Bulgaria
The euro is not a solution to all economic challenges but a powerful instrument for growth and stability
Rosen Plevneliev
Former Bulgarian President Rosen Plevneliev expressed concerns that there are intentions to keep Bulgaria on the periphery of the European project, making it more susceptible to foreign geopolitical influences. Speaking to the Bulgarian National Radio, Plevneliev referenced the period when Bulgaria began its European path, noting that the country was then bankrupt, with salaries as low as and a GDP six times lower than it is today. He emphasized that the lack of strong supervision, regulations, and institutions was a key factor in Bulgaria's past economic struggles.
Plevneliev warned that the current proposals for a referendum on the euro, initiated by President Rumen Radev, align with this perceived intention to prevent Bulgaria from integrating fully into the core of the European Union. He argued that joining the eurozone would harmonize Bulgarian banking standards with those of other EU countries, significantly reducing the risk of bank collapses and national bankruptcy. Additionally, Plevneliev highlighted that the eurozone would attract more investments, provide more favorable loan conditions, and reduce the shadow economy, curbing opportunities for money laundering within the banking sector.
He asserted that a campaign of misinformation is being orchestrated to sway public opinion against the eurozone. Drawing comparisons, Plevneliev pointed to Croatia, which lacked a strong industrial base but is now experiencing factory construction. He further cited Lithuania, Latvia, and Estonia, noting that Lithuania, once poorer than Bulgaria a decade ago, now enjoys incomes 50-60% higher after joining the eurozone. According to him, every eurozone member is now wealthier than Bulgaria, with higher living standards, better-functioning institutions, and more secure banks.
Source: BNR interview
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