site.btaBulgaria Is Ready to Join Eurozone, Deputy PM Donchev Says

In a Nova TV interview on Sunday, Deputy Prime Minister and Minister of Innovation and Growth Tomislav Donchev said that Bulgaria is ready to join the eurozone. He noted that this position is confirmed by the convergence reports, which, in his words, understandably include some criticisms.

"The adoption of the euro by citizens will be a process very similar to the denomination of the [Bulgarian] lev 26 years ago," Donchev emphasized.

The Deputy PM identified only two potential risks, both of which, he said, can be managed, while stressing the numerous benefits of the currency transition. The first risk is a possible price increase of certain goods during the switch to the new currency, which he believes can be limited through adequate government measures. The second risk concerns the danger of future weak governments taking on excessive debt due to easier access to financing. "I hope this will not happen. From this point on, we see only advantages," Donchev commented.

The Deputy PM added that the necessary organizational framework has been established to prevent market speculation in the months before and after the euro's adoption. In addition to the government, regulatory authorities are actively involved in the process.

Donchev also urged citizens to contribute by reporting suspected abuses. "To prevent speculation and misconduct, citizens must be the closest ally of the institutions," the Deputy PM stressed.