site.btaUPDATED It Is Crucial for Bulgarian Delegation in EP to Vote United in Support of Bulgaria, PM Zhelyazkov Says

It is crucial that the Bulgarian delegation in the European Parliament votes united in support of Bulgaria, Prime Minister Rosen Zhelyazkov told reporters in Razlog on Monday, on the eve of the European Parliament’s expected decision on the country’s accession to the eurozone.

Following the EP vote, the ECOFIN Council, the configuration of EU finance ministers, will also make a decision, Zhelyazkov said. Afterward, the formal signing of three acts will follow: the main decision setting the accession date, and amendments to two regulations.

Zhelyazkov reminded that ever since its EU accession, Bulgaria has been under a derogation regime due to not meeting the convergence criteria required for full participation in the Economic and Monetary Union. “One of the regulations to be amended will add Bulgaria as a country that now meets these criteria and is part of the eurozone,” he explained. “There is work ahead related to the timeline for introducing the euro,” he added.

The euro will be adopted at the fixed exchange rate already known to the public. “Tomorrow’s formal decision will reaffirm that there are no changes to that rate, contrary to the fearmongering by some speculators in both business and politics,” Zhelyazkov emphasized.

The timelines for the introduction of the euro in Bulgaria are clear, Zhelyazkov noted. One month after the Council's decision, dual pricing of all goods and services will begin.

“I will keep repeating it – people should not rush to convert their levs into euros,” the Prime Minister said. “We’re already seeing this trend, which is completely unnecessary.” He recalled that from January 1, 2026, during the first six months, all banks and post office branches will offer free currency conversion. After that, commercial banks may introduce fees, but the Bulgarian National Bank will continue to provide the service for free.

“There will be no time limit for exchanging levs into euros. Even ten years from now, someone with savings in levs at home will be able to convert them at the BNB, free of charge,” he added.

An information campaign outlined in the National Euro Adoption Plan will start six months before the effective date – “so you can expect a serious campaign starting in early August,” the Prime Minister explained.

Commenting on price speculation, Zhelyazkov said: “We are fully aware of where the political risk lies.”

He argued that the current political risk and efforts to hedge against it stem not from fear that the euro will be introduced, but from fears that it will not be – fears which, he said, are being exploited by certain political forces and their “avatars” to transform what should be a smooth process into a politically charged one. “They are betting on the idea that this will trigger a new political crisis and create murky waters in which to float their political projects,” Zhelyazkov noted.

The government has taken all necessary steps, he said – operational measures involving the Consumer Protection Commission (CPC), the National Revenue Agency (NRA), the Ministry of the Interior, municipal mayors, regional governors, and strong cooperation with the Commission for Protection of Competition (CPC).

“We don’t have an unnatural desire to distort the market through excessive control or intervention. We want the market mechanisms to function smoothly, but we also won’t allow abuse of dominant or monopolistic positions, especially where there are no alternatives in supply,” Zhelyazkov said.

Asked about warnings in the European Central Bank’s (ECB) report regarding budgetary risks and corruption, Zhelyazkov identified several potential inflationary pressures.

The first, he said, is excessive government spending due to a lack of understanding about the opportunities the euro brings. “If a large amount of money is poured into the economy for various reasons – mainly due to increased liquidity or domestic consumption – inflationary effects are inevitable. These are some of the ECB’s concerns,” he explained.

As for public spending, he clarified, “Such expenditures can only take place within the limits of the national budget. All buffers have been accounted for in the Recovery and Resilience Plan and will not act as inflationary drivers”.