site.btaEuro Area Accession Is Bulgaria’s Best Investment for Future, Says EU Commissioner Dombrovskis

Bulgaria’s accession to the euro area is the best investment the country can make for its future, said European Commissioner for Economy and Productivity Valdis Dombrovskis during a press conference at the Council of Ministers on Thursday. According to him, the adoption of the euro will bring new opportunities, investments, jobs, and economic growth, as seen in other euro area countries. 

Earlier in the day, Dombrovskis met with Prime Minister Rosen Zhelyazkov, Finance Minister Temenuzhka Petkova, and European Commissioner for Innovation, Research, and Startups Ekaterina Zaharieva. The talks focused on the remaining steps ahead of Bulgaria following the European Commission and European Central Bank’s recent announcement that the country is fully prepared to join the euro area as of January 1, 2026, having met all convergence criteria.

“Bulgaria has been on this path for a long time. It hasn’t been easy, but the country has stayed the course despite major challenges, including the COVID-19 pandemic, Russia’s war in Ukraine, the energy crisis, and trade tensions,” Dombrovskis said.

The Commissioner highlighted that Bulgaria has demonstrated economic stability, maintained fiscal discipline, and achieved sustained economic growth. “If we look at the figures, Bulgaria’s economic performance is impressive,” he noted, citing the low debt-to-GDP ratio and a budget deficit that complies with euro area requirements.

Since joining the EU, Bulgaria has doubled its economic growth, Dombrovskis said, adding that this success should continue beyond January 2026. He emphasized the importance of maintaining fiscal discipline, supporting positive reforms, and continuing efforts to strengthen public finances, improve the business environment, fight corruption, and invest in human capital.

The euro will bring tangible benefits to citizens and businesses, he said, noting that euro area membership signals stability to investors, reduces policy uncertainty, improves credit ratings, and lowers interest rates.

In the long term, the euro helps ensure price stability, strengthens economic resilience, and serves as a shield against external shocks. Dombrovskis gave the example of the Baltic States, whose economies remain stable despite increased pressure due to geographic proximity to the war in Ukraine, thanks in part to their euro area membership.

He assured Bulgarian citizens that their savings are safe and warned against disinformation. “It is essential that institutions clearly communicate accurate information about the transition to dispel unfounded fears. Concerns about price increases are not supported by evidence. Historical data, including the recent experience of Croatia, show no significant inflationary effect,” he said.

Dombrovskis added that there are no macroeconomic policy challenges associated with Bulgaria’s final step toward euro adoption, as the country has long maintained a fixed exchange rate with the euro and effectively follows the European Central Bank’s monetary policy.

According to Dombrovskis, the next step is practical preparation, including public outreach to explain the process to citizens and businesses, monitoring of prices, and coordination with the business community to ensure a smooth and fair transition.

The Commissioner confirmed that Bulgaria’s recent signals have been closely followed in Brussels. Both the Bulgarian Government and the Bulgarian National Bank have reaffirmed their commitment to completing convergence and introducing the euro. “There is clear determination from the Bulgarian side. I don’t expect any obstacles that could overturn the final decision, which is expected in July,” Dombrovskis concluded.