Bulgaria Links Defense Modernization with Economic Stimulus
Bulgaria is moving forward with plans to modernize its armed forces
Prime Minister Rosen Zhelyazkov emphasized that joining the Eurozone represents a significant honor for Bulgaria during the opening of the National Discussion titled "The Effect of the Eurozone. The Experience of Member States Speaks," held at the Council of Ministers. This forum, organized by the Economic and Social Council, is part of the broader Communication Strategy for the introduction of the euro in Bulgaria.
According to Zhelyazkov, the journey toward adopting the euro has been a long-standing objective, aimed at achieving a high degree of economic convergence. He described this milestone as an achievement carrying serious honor for the country.
The Prime Minister highlighted that the ongoing national discussion is an essential component of an information campaign designed to ensure transparency and authenticity. He pointed out that the broad representation at the forum guarantees a genuine exchange of views and cautioned against misinformation or poorly analyzed data that could create unrealistic expectations or disappointments among the public.
Zhelyazkov stressed that the information campaign surrounding the euro adoption will be strictly factual and free from political manipulation. He noted that, for example, recent statements by officials such as Spetsov concerning price changes were intended to reassure the public that state institutions are actively investigating the causes behind any inflationary trends. The prime minister acknowledged that, while Bulgaria has not yet officially adopted the euro, speculation about its imminent introduction had prompted some actors in the economy to take preemptive measures.
The Prime Minister also pointed out a notable lack of economic media analysis in Bulgaria. He framed the discussion as an opportunity to offer clarity on market volatility, which often appears unfounded and detached from actual pricing fundamentals. He mentioned the cooperation between key regulatory bodies - the Consumer Protection Commission (CPC), the National Revenue Agency (NRA), and the Commission for Competition Oversight (CCO) - and emphasized the importance of their readiness and confidence in exercising their oversight responsibilities.
In a related statement, Minister of Interior Daniel Mitov addressed efforts to safeguard the monetary system, focusing on combating currency counterfeiting and ensuring overall financial stability. He explained that these efforts involve coordinated actions between the Ministry of Interior, the Bulgarian National Bank, the European Central Bank, and Europol. The Ministry is enhancing its expert capacities and targeting criminal networks involved in counterfeiting activities to protect the integrity of the monetary system.
The discussion brings together a broad range of participants: representatives from Bulgarian business sectors, trade unions, civil society groups, consumer organizations from Lithuania and Latvia, members of the National Assembly, financial institutions, regulatory bodies, and the European Commission's representation in Bulgaria. This diverse participation aims to reflect a wide spectrum of perspectives on the euro adoption process.
Bulgaria is set to introduce the single European currency on January 1, 2026. Following a recent Eurogroup meeting, Bulgaria received unanimous support to become the 21st member of the eurozone. The final decision on adopting the euro will be made by the EU finance ministers at their meeting in Brussels on July 8.
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