site.btaEuropean Commission Expects Bulgaria to Join Euro Area Soon

European Commission Expects Bulgaria to Join Euro Area Soon
European Commission Expects Bulgaria to Join Euro Area Soon
The design of the Bulgarian euro coins (Bulgarian National Bank Image)

The European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, Mairead McGuinness, Tuesday said: "Bulgaria is working hard to meet the requirements for the introduction of the common European currency, and we expect to welcome it into the euro area soon". He was speaking at a meeting on the future of the euro area, held at the European Parliament in Brussels and organized by MEP Emil Radev (GERB/EPP).

McGuinness recalled that 20 of the 27 EU Member States are part of the euro area. "More than 350 million people in the EU use the euro, it is the second most important currency in the world after the US dollar," the Commissioner added.

Eurogroup President Paschal Donohoe said that the euro is an expression of European unity. The enlargement of the euro area will be a goal of the EU institutions in the coming years, he added.

"Bulgaria has made major reforms. We support its path towards the introduction of the common currency," Donohoe said, adding that it is only a matter of time.

Bulgarian National Bank (BNB) Deputy Governor Petar Chobanov noted that Bulgaria is showing prudence and predictability in finance. "With its experience and the independence it upholds, BNB strives to pave the way to the euro in coordination with the European Central Bank," he said, expressing confidence that Bulgaria will join the euro area soon.

"I see good prospects for my country," MEP Emil Radev said. "Adopting the euro is a choice we have made by joining the EU," he noted. Radev recalled the work several Bulgarian governments have done in this regard. "The introduction of the euro is a matter of evolutionary, not revolutionary, changes," he added.

MEP Andrey Novakov (GERB/EPP) said that half a million Bulgarians had signed against the euro changeover, and a good number of them believe that they will become poorer by joining the euro area. "No government has ever considered leaving the euro area," he noted.

"Joining the euro area is without an alternative," Novakov said, expressing the expectation that Bulgaria will join the euro area on January 1, 2025.

/RY/

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By 11:35 on 14.04.2024 Today`s news

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