Lessons from Croatia: Senior Expert on Why the Euro Is a Win for Bulgaria

Business » FINANCE | June 3, 2025, Tuesday // 10:09
Bulgaria: Lessons from Croatia: Senior Expert on Why the Euro Is a Win for Bulgaria

Ognyan Zlatev, senior expert at the European Commission and former EC representative in both Bulgaria and Croatia, described Bulgaria’s potential eurozone entry as a win for the entire country. Speaking on BNT, he recalled firsthand experience during Croatia’s own accession to the eurozone and the Schengen area—a milestone it reached as the first EU member to achieve both at the same time.

Zlatev said the transition in Croatia went smoothly and without major disruptions. While public concern was evident in the lead-up to January 1, 2023, such apprehension was natural. “When facing something unfamiliar, people tend to be cautious - even fearful,” he noted. But despite those early fears, the process unfolded calmly. One factor, he said, was Croatia’s open economy and its strong tourism sector, which gave the country a level of adaptability. He highlighted how, during the COVID-19 lockdowns, many Austrians and Germans relocated temporarily to places like Istria, boosting Croatia's exposure to foreign economic flows.

Zlatev pointed out that the situation in Bulgaria today bears some resemblance to Croatia’s pre-accession environment. Though the Croatian currency’s exchange rate was more complex compared to Bulgaria’s fixed peg with the BNB, Croatia benefited from a well-executed public information effort. He praised the Croatian National Bank, along with the Ministries of Finance and Economy, for launching a broad and detailed campaign ahead of the transition. This included not just televised ads and radio messages, but a mobile exhibition that traveled across the country, reaching even smaller municipalities to ensure citizens were well-informed.

Efforts also extended to engaging small and medium-sized businesses and agricultural workers, ensuring they too understood the changes. Zlatev emphasized the importance of explaining both how the transition would work and how authorities would deal with any early attempts at abuse. He recalled that while supermarkets and market vendors largely complied, the first cases of misconduct were surprisingly traced to hair salons, including ones in Zagreb. However, the government acted swiftly to address the issue.

As for Bulgaria, Zlatev is optimistic. He believes joining the eurozone will not only represent economic integration but also a deeper connection with the EU’s core. “For us Bulgarians, this is a step closer to the heart of the European Union,” he said, calling it the greatest benefit and a collective achievement for the country.

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Tags: euro, Bulgaria, Zlatev, Bulgaria

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