Eurozone’s Effect on Incomes and Prices Debated at Sofia Forum

Anelia Tsvetkova, Nikoleta Vassileva, Kaloyan Kirilov

The Economic and Social Council of Bulgaria holds a discussion titled “The Effect of the Eurozone: Lessons from Member States” at the Council of Ministers, Sofia, June 20, 2025 (BTA Photo/Nikola Uzunov)

Sofia,

20.06.2025 14:09

(BTA)

The impact of eurozone adoption on incomes and prices, along with the role of regulators in curbing speculation during Bulgaria’s transition to the euro, featured as key topics at the Friday forum The Effect of the Eurozone: Lessons from Member States.

The forum, opened by Prime Minister Rosen Zhelyazkov, was organised by the Economic and Social Council of Bulgaria and forms part of activities under the Communication Strategy for introducing the single European currency in Bulgaria.

“We are standing on the threshold of a historic event – to join the European family with dignity in all its aspects,” said Rumen Spetsov, Executive Director of the National Revenue Agency. Spetsov described the Agency as a protective barrier serving Bulgarian consumers and noted that it conducts checks on whether traders are raising prices unjustifiably.

Spetsov explained that it is normal for people to have concerns when the reasons and mechanisms behind certain processes are unclear. He noted that there may be speculation and disinformation, but regulators are working together and the State is taking all necessary steps to inform the public about requirements. “Every citizen and business must understand their rights and obligations and review both their business activities and personal finances,” Spetsov said.

Chair of the Commission on Protection of Competition Rossen Karadimov noted that they had undertaken a careful analysis of the powers of each regulator, and through mutual agreements, information exchanges, expertise, and joint action, aimed to multiply the effect of each regulator’s remit. He called this approach key, as each body has specific powers in its own area. Without synchronisation, information collected by each regulator remains within its own scope, Karadimov said. He added, “If we achieve synchronisation—as we managed uniquely well with colleagues over the past 10–15 days—the multiplying effect of those powers becomes extremely significant.”

Karadimov noted the importance of inspection data, especially for local retail chains and markets.

Maria Filipova, Chair of the Commission on Consumer Protection, said that the principles of cooperation between the Consumer Protection Commission, the Competition Commission, and the National Revenue Agency centre on protecting consumers through preventive action. She explained that such measures include the launch of an information website, a mobile application, and an informational campaign.

Plamen Dimitrov, President of the Confederation of Independent Trade Unions in Bulgaria (CITUB), announced that CITUB will continue its independent research on the cost of living and the required monthly income, including for the basic consumer basket. This research, previously conducted quarterly, will now be performed monthly for at least the next 12 months to ensure continuous monitoring of price trends.

Commenting on “interpretations” by economists who claim there is no problem in setting extremely high prices if someone is willing to pay, Dimitrov said, “That is not right—especially for essentials and the 20 key basket items on which people physically depend.” He added that regulators must ensure a fair market price, particularly for goods and services critical to people’s survival.

Economist Atanas Pekanov noted that while prices are a major concern for the public, regulators must act to prevent unjustified practices. He said wage growth should be a priority if Bulgaria is to approach Western European living standards. “This has not always happened at the pace we want. Our goal is to see income levels in Bulgaria match those of the most advanced economies,” Pekanov noted.

/RY/