site.btaBNB Governor: Bulgaria’s Readiness to Adopt Euro Must Be Confirmed by European Institutions

In an exclusive BTA interview, Bulgarian National Bank Governor Dimitar Radev said that as a member of the General Council of the European Central Bank (ECB), which approves the convergence report on Bulgaria's readiness to join the euro area, he is familiar with the process of preparing the report, but the final assessment is yet to be announced.

He said that according to the Bulgarian central bank, this country is fully prepared for membership in the euro area, but this readiness must be confirmed by the competent European institutions.

Radev added that the quote that he is "acquainted with the convergence reports on the euro in advance" does not correspond to his exact words to the media during the opening of a new center of the Cash Services Company in Pleven.

"I appreciate the attention, but these are not my words. I would never put it that way because it would be unprofessional," Radev pointed out, adding that the full record of the event can prove this.

He said that the high public and political interest is not surprising given the upcoming important event. According to him, the mood at the BNB is “calm and confident”, as the institution's actions are in the public interest.

Following is the full text of the interview with Bulgarian National Bank Governor Dimitar Radev:

Mr. Radev, for the third day your words said before journalists in Pleven have been quoted that you are familiar in advance with the convergence reports on Bulgaria’s entry in the euro area?

I do appreciate the attention, but these are not my words. I would never put it that way because it would be unprofessional.

Then how do you explain that such a quotation is spreading in the public domain?

This question should be addressed to the source of the information.

Look, there is a full record of the event from which this so-called ‘quotation’ is taken. What I have said is very easy to find.

Yes, but it is this very quote that was the reason for Vazrazhdane to demand that you be heard in Parliament and to report to the State Agency for National Security.

I don't want to make any kind of connection.

Apart from these developments, you must be one of the most informed people in this country on the subject of convergence reports. Is there an answer now to the question of what is the assessment given in these reports?

I will reply to you in the following way. The ECB’s convergence report is prepared by the ECB’s experts and is approved by the ECB’s General Council. Its members are involved at all stages of the preparation of the report. And, as you may know from the public information, I am a member of the General Council of the ECB.

Well, then you know this answer we are all interested in, about the adoption of the euro.

No one knows the answer until it's officially announced. I'll tell you what I said on the day of the unfortunate quote. We believe that we are fully ready to join the euro area. However, this is not enough. Our readiness must be confirmed by the competent European institutions.

How do you explain all the excitement about this subject?

There is something big coming up and everyone is overexcited. Soon things will calm down.

What is the mood at the BNB?

Excellent. We are completely calm and confident in what we are doing because it is in the public interest.