Former Finance Minister Vladislav Goranov expressed confidence that Bulgaria’s transition to the euro is now irreversible, assuming the upcoming parliamentary vote on three legislative acts proceeds as expected. Speaking to bTV, he stated that after the formal approval, nothing stands in the way of the country adopting the euro by January 1.

Goranov firmly dismissed concerns about the stability of the Bulgarian lev, assuring that its value will remain intact. “There won’t be a moment when the lev drops in value. People will be able to exchange levs indefinitely - even if your grandchildren find old banknotes, they’ll still be valid for conversion,” he said, adding that exchanges will be free of charge during the initial six-month period following the introduction of the euro.

He emphasized that Bulgaria’s foreign exchange reserves, which currently total 78 billion BGN, will not be affected by the changeover. “Not a single cent will disappear. The BNB will become part of the Eurosystem,” Goranov said.

Turning to inflation, Goranov explained that the European Central Bank operates with a target of 2%. “Deflation below that is also not considered healthy,” he noted. He added that price adjustments are inevitable year by year, often in line with inflation levels. “As we grow wealthier, prices will naturally go up,” he remarked.

He criticized the government for delaying public communication about the euro and missing the opportunity to begin an information campaign earlier. Reflecting on Bulgaria’s economic path, he blamed what he called flawed fiscal policies for previous price surges. “The most significant price hikes happened during a period of poor financial management. Asen Vassilev dismantled our long-established strict fiscal discipline,” Goranov said.

He also warned about current income trends, suggesting that growth needs to be moderated. “We’re heading into the red zone with incomes,” he cautioned.

Goranov didn’t spare criticism for “We Continue the Change” either. While they present themselves as moral reformers, he argued, “the leaked recordings reveal a very different reality.”

Vladislav Goranov is sanctioned by the US government under the Magnitsky Act along with other Bulgarian government officials for their "widespread involvement in corruption in Bulgaria". He is a member of the GERB party.

Source: bTV