'Integration Makes You Stronger': Metsola on Bulgaria’s Path to the Eurozone

Politics | May 18, 2025, Sunday // 22:14
Bulgaria: 'Integration Makes You Stronger': Metsola on Bulgaria’s Path to the Eurozone

Roberta Metsola, President of the European Parliament, emphasized that Bulgaria’s inclusion in the eurozone would promote economic stability and progress. In an interview with bTV, she urged Bulgaria to continue on its path of deeper integration within the EU. "Integration makes you stronger," she stated, adding that the euro is more than just a currency - it symbolizes economic convergence, stability, and participation in the core of the European project.

Metsola identified joining the eurozone as the logical step following Schengen, calling it a signal that Bulgaria belongs at the heart of Europe. She noted that the decision to adopt the euro should be based on open debate, argument presentation, and national consensus. "These decisions often come with hesitation, but the long-term benefits are undeniable," she asserted.

Addressing the broader EU context, Metsola stressed the importance of unity amidst the ongoing war in Ukraine. She also called for open dialogue between the EU and the US, particularly in light of trade tensions since President Donald Trump’s return to power. "The US is protecting its industry—we must do the same," she said, while expressing confidence that dialogue and cooperation would prevent further escalation.

Meanwhile, Finance Minister Temenuzhka Petkova stated that Bulgaria has never been more prepared to enter the eurozone than now. She highlighted recent discussions with the European Commission and the European Central Bank, reiterating the government’s commitment to eurozone membership as a key national priority. Petkova criticized President Rumen Radev’s call for a referendum, deeming it unconstitutional and accusing him of attempting to sabotage Bulgaria’s strategic objectives for political gain.

Petkova also addressed public concerns over economic stability, asserting that adopting the euro would not harm Bulgarians’ purchasing power. "The state will take firm action against price speculation," she promised, noting that the Law on the Introduction of the Euro would ensure a smooth transition. "No country has seen a decline in purchasing power after adopting the euro. We will guarantee stability," she added.

At the same time, European Commission Executive Vice-President Valdis Dombrovskis discussed Bulgaria’s readiness to join the eurozone, expressing moderate optimism. He acknowledged political uncertainties but emphasized the clear commitment of the Bulgarian government and central bank to the convergence process. "We are on track to finalize the convergence report by early June," Dombrovskis said. He noted that Latvia experienced similar concerns before joining the eurozone but ultimately benefited from greater economic stability, reduced transaction costs, and lower interest rates.

Addressing concerns about inflation, Dombrovskis stated that Bulgaria already applies ECB monetary policy through its fixed exchange rate to the euro and stands to gain additional benefits by adopting the currency fully. "Many initial fears about the euro did not materialize, and people started to appreciate its practical advantages," he said.

In a panel discussion on bTV’s Bulgarian MEPs debated the eurozone entry and the proposed referendum. Andrey Kovatchev (GERB) dismissed the referendum proposal as unconstitutional, arguing that Bulgarians had already expressed their stance by voting for pro-EU parties. Nikola Minchev (WCC-DB) echoed this, labeling the referendum as a last-minute attempt to derail eurozone accession. In contrast, Ilhan Kucuk (DPS) advocated for more public engagement and clear explanations of the euro’s benefits, criticizing the government for failing to adequately communicate these advantages.

Ivaylo Valchev from "There Is Such a People" supported the idea of referendums as a democratic tool but expressed skepticism about the timing and intent behind Radev’s initiative, suggesting it could distract from more urgent legislative priorities.

Politics » Be a reporter: Write and send your article
Tags: Eurozone, Bulgaria, European

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria