Prof. Valeri Dimitrov, economist and former chairman of the Court of Auditors, told Bulgarian National Radio that no country has experienced impoverishment after joining the eurozone. He emphasized that Bulgaria’s euro adoption will help the country overcome economic delays and put it on the map for global investors.

He pointed out that Bulgarians are already accustomed to the euro, given that since the establishment of the Currency Board in 1997, the lev has been pegged to the euro, which has maintained financial stability. According to Dimitrov, without the euro, the lev could not remain strong, and joining the eurozone is a natural step, as Bulgaria has effectively been operating within this framework for decades.

Regarding banking oversight, Dimitrov highlighted that eurozone countries benefit from a robust supervision system that reduces the risk of bank failures like the Corpbank case. Insolvent banks now have options for restructuring rather than outright bankruptcy, thanks to the European Central Bank’s supervisory role, which provides important safeguards.

He further noted that changes in banking regulations will free up significant cash resources, which should ideally be directed towards investment loans rather than consumer credit, supporting productive economic growth. Dimitrov assessed Bulgaria’s banking system as strong, capable of providing a solid foundation for economic development.

On the global stage, he sees the euro gaining strength amid rising trade conflicts worldwide. Despite challenges, Dimitrov is confident the European Union is not collapsing. Instead, he described a process of consolidation, driven by external threats such as Russia’s aggressive war in Ukraine and ongoing trade tensions with the United States under President Trump. This pressure compels the EU to strengthen its economic and military capabilities.

Finally, Dimitrov anticipates that public skepticism in Bulgaria will ease within a year after adopting the euro, citing Croatia as a precedent where society now largely views the decision positively. He believes that soon, most Bulgarians will also recognize that joining the eurozone was the right choice.

Source: BNR interview