MEP Tsvetelina Penkova emphasized that Bulgaria's potential accession to the Eurozone is rooted in economic pragmatism rather than ideology, pointing to tangible benefits for Bulgarian citizens amid ongoing global economic challenges. Speaking on Eurocom TV's "EvroDikofF," she countered the notion that adopting the euro compromises national sovereignty, asserting that Bulgaria is already adhering to policies it has no direct say in due to its currency board arrangement.

"Bulgaria is not losing sovereignty but gaining it by actively participating in decision-making processes we are already following," Penkova stated. She stressed that the Eurozone represents economic stability, investment security, and monetary cohesion, all of which are critical for Bulgaria's economic trajectory.

Penkova cited examples from Croatia and Lithuania to underscore the positive economic impact of joining the Eurozone. Croatia saw a 20% wage increase within two years of adopting the euro, with wages in the transport sector doubling. Lithuania experienced a tripling of both minimum and average wages over nine years.

The MEP also addressed why some EU countries remain outside the Eurozone, including Poland, the Czech Republic, and Denmark. According to Penkova, Poland and the Czech Republic strategically maintain lower currency values to bolster export competitiveness, particularly in sectors like automotive. Denmark, however, has pegged its krone to the euro since 1999, continuing a policy of fixed exchange rates that began with the German mark in 1982.

"These countries leverage their national currencies as economic tools, but Bulgaria’s situation is different," Penkova noted. "We meet the criteria for Eurozone entry and are under a currency board that effectively limits our monetary policy options. For us, joining the Eurozone is the logical next step."

On the subject of President Radev's call for a referendum on the euro, Penkova said that while Radev holds respect in Brussels, his comments ahead of a crucial European Commission decision created uncertainty. "Our European partners needed assurances that the accession process would continue without disruption, and we provided that assurance," she added.

Penkova also stressed the importance of regulatory oversight to prevent price speculation and consumer exploitation during the transition to the euro. "Ensuring a fair and transparent currency changeover is vital," she said, emphasizing that BSP-United Left would act as a guarantor against potential market abuses.

Additionally, Penkova announced that she is organizing a significant conference in Brussels next week, featuring Bulgarian energy experts and representatives from Bulatom. The event has reportedly attracted considerable interest from European stakeholders, highlighting the recognized expertise of Bulgarian specialists in renewable energy and the broader energy sector. "Our experts have much to contribute, and Europe is paying attention," she concluded.

Source: Eurocom interview