site.btaEU Commissioner Dombrovskis Says Euro Is More than Currency, as It Symbolizes European Integration

"The euro is much more than just a currency, it is a powerful symbol of European integration," European Commissioner for Economy and Productivity Valdis Dombrovskis said during a joint press conference with Bulgarian Finance Minister Temenuzhka Petkova on Tuesday.

Earlier in the day, the high-level conference "Bulgaria on the Threshold of the Eurozone" was held at the Boyana Residence in Sofia, attended by Prime Minister Rosen Zhelyazkov, European Central Bank President Christine Lagarde, Bulgarian National Bank Governor Dimitar Radev, and Bulgarian Finance Minister Temenuzhka Petkova. The event was organized in connection with Bulgaria’s upcoming accession to the euro area.

Dombrovskis congratulated Bulgaria once again on joining the eurozone, calling it a "tremendous achievement". The path to the euro, he said, has strengthened Bulgarian institutions and prompted important reforms. He underlined that euro adoption will boost foreign investment, foster economic growth, create jobs, and lower interest rates.

Addressing public concerns about possible price increases, Dombrovskis said there is no reason for worry, noting that Croatia experienced only minimal inflationary effects after adopting the euro. Latvia, he added, also saw more stable and transparent prices and higher competitiveness.

The Commissioner emphasized that maintaining fiscal discipline must remain a priority after accession. He expressed satisfaction that Bulgaria’s draft 2026 budget foresees a deficit below 3% of GDP, adding that the European Commission allows greater fiscal flexibility to reflect increased defence spending.

Commenting on the EU’s efforts to reduce dependence on Chinese supply chains for rare earth materials, Dombrovskis said Brussels is maintaining dialogue with Beijing while working toward diversification of suppliers, given China’s current market dominance.

On disinformation, he warned that Russia is waging a hybrid war against the EU and its member states, stressing the need for a clear and firm response. He recalled that the European Commission has adopted the Democracy Defence Package, outlining measures to counter these threats and actions.