site.btaJoining Eurozone in Times of Global Turmoil Is Especially Valuable - ESM Managing Director

Addressing the high-level conference “Bulgaria on the Doorstep of the Eurozone” in Sofia on Tuesday, Managing Director of the European Stability Mechanism (ESM) Pierre Gramegna said that today’s geopolitical turbulence was unprecedented, and that joining the euro area at such a moment was of exceptional value. The forum, held at the Boyana Residence, was part of the national communication campaign for Bulgaria’s adoption of the euro on January 1, 2026, organized by the Ministry of Finance and the Bulgarian National Bank.

Gramegna said he could not understand those who opposed the euro, noting that no country could become stronger by holding on to its national currency in such an uncertain world. There was great strength in unity, he stressed.

He recalled that the European Stability Mechanism had been created in times of crisis to serve as a safeguard in the face of economic shocks. Thanks to its existence, he said, there was always support available when a member state faced serious difficulties. The mechanism could also assist countries proactively to help prevent crises, he added.

Gramegna noted that over the past decade the ESM had supported five countries with a total of EUR 500 billion, providing the funds under the condition of implementing macroeconomic reforms. Those reforms, he said, had proven successful, as the same countries were now among the fastest-growing economies in the European Union. This, in his view, demonstrated that reforms should continue, since they were the best way to avoid ever needing assistance from the ESM.

He emphasized that the mechanism’s operational model was unique: with a capital base of EUR 81 billion, it functioned as a mutual financial safety net accessible to all member states when needed. Bulgaria, he said, would contribute between one and two percent of that capital.

According to Gramegna, there were no risks associated with adopting the euro. On the contrary, he argued that Bulgarian citizens did not yet fully realize that the challenges and opportunities posed by digital currencies could be managed far more effectively within the euro area.

Being a member of the eurozone was a privilege, Gramegna concluded, adding that the more countries joined it, the stronger the Union would become.