Sofia Hosts High-Level Conference ahead of Bulgaria's Eurozone Entry

High-level conference "Bulgaria on the Doorstep of the Eurozone", Boyana Residence, Sofia, November 4, 2025 (BTA Photo/Milena Stoykova)

Sofia,

04.11.2025 14:55

(BTA)

A high-level conference titled "Bulgaria on the Threshold of the Eurozone" took place at Boyana Residence Tuesday as part of the national campaign of the Ministry of Finance and the Bulgarian National Bank for the introduction of the euro in Bulgaria starting January 1, 2026.

The event's opening session was attended by Prime Minister Rosen Zhelyazkov and Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF). Christine Lagarde, President of the European Central Bank (ECB), who is visiting Bulgaria for the first time, also delivered an address.

The euro is not merely a monetary unit but a strategic choice that affirms Bulgaria’s place at the heart of a united and strong Europe, said Prime Minister Rosen Zhelyazkov in his remarks to the audience.

Kristalina Georgieva drew attention to the fact that, although adopting the euro is an important step, it does not, by itself, guarantee a higher standard of living. According to her, the task now is to embrace the euro, combine it with sound policies, and propel the process of economic convergence to the next level so that per capita income reaches the EU average over the next decade.

Bulgaria's accession to the eurozone on January 1, 2026, is a significant step in the country’s European integration, but it should not be seen as the destination: it is the beginning of a journey of continued reforms, said Christine Lagarde, urging the Bulgarian society not to succumb to "reform fatigue".

During the conference, there was also a leaders' dialogue, in which Pascal Donohoe, President of the Eurogroup and Minister of Finance of Ireland, participated remotely from Dublin. In his remarks, Donohoe emphasized the historically high levels of public support for the euro in the countries of the eurozone. At present, trust in the single currency exceeds 80%. He attributed the high support to the fact that, in a rapidly changing world, the euro helps foster closer cooperation among countries in addressing current challenges.

The leaders' dialogue was followed by a high-level roundtable with Finance Minister Temenuzhka Petkova, central bank Governor Dimitar Radev, European Commissioner for Economy and Productivity Valdis Dombrovskis, and Pierre Gramegna, Managing Director of the European Stability Mechanism.

Finance Minister Petkova assured the participants that Bulgaria is "fully prepared" to join the eurozone from January 1, and the convergence criteria it has met will ensure that the country will participate with dignity in the discussions that determine the economic and financial future of the EU. She also pointed out that Bulgaria will be a reliable partner and called for trust in the country.

Valdis Dombrovskis noted that Bulgaria is joining the eurozone in a complex geopolitical context, where the world is becoming increasingly fragmented and conflict-ridden. Therefore, he argued, it is even more important for this country to be part of a larger and more stable geopolitical bloc.

For central bank Governor Dimitar Radev, Bulgaria's accession to the eurozone is a "historical inevitability". It has both a historical and strategic dimension, which comes down to the country’s direction and its belonging to the heart of Europe, he added. He emphasized that the country must continue to maintain a sound macroeconomic policy even after joining the eurozone.

The importance of Bulgaria being part of the eurozone in times of geopolitical instability was also highlighted by Pierre Gramegna. He described Bulgaria’s membership in the Economic and Monetary Union as invaluable. The head of the European Stability Mechanism (ESM) reminded that the ESM was created in the context of a crisis to serve as a support during economic shocks.

The moderator of today’s conference “Bulgaria on the Threshold of the Eurozone” was Lilyana Pavlova, Vice President of the European Investment Bank (2019-2023).

Two press conferences were held during the event, where, in addition to questions about Bulgaria's upcoming accession to the eurozone and the country’s draft budget for 2026, the press raised questions of broader European interest, including Russian assets, digital euro, and rare earth minerals.

At the first press conference, Christine Lagarde and Dimitar Radev took questions from BTA. Christine Lagarde emphasized that Bulgaria is "Bulgaria is joining the euro area at a time when it matters to be together, when it matters to be united and where size, scope and scale actually matter". Central bank Governor Dimitar Radev reiterated his consistent position that Bulgaria needs to return to prudent fiscal policy and discipline, and warned that the alternative to that is higher taxes and debt. He also said that Bulgarian citizens should remain calm about the adoption of the euro on January 1, 2026, as the central bank and commercial banks are fully prepared for all processes related to currency conversion and the distribution of euro banknotes.

The press conference also marked the symbolic signing by Lagarde and Radev on euro banknotes as a symbol of Bulgaria’s upcoming accession to the eurozone on January 1, 2026.

The second press conference included Valdis Dombrovskis and Temenuzhka Petkova. The Finance Minister answered questions about the country’s draft budget for 2026, noting that the largest expenditure item in the financial framework for the coming year is capital spending, due to the expiration of the Recovery and Resilience Mechanism in August 2026 and the government’s ambitions to implement investments and reforms under the National Recovery Plan. Commissioner Dombrovskis said that the euro "is much more than just a currency, it is a powerful symbol of European integration".

In the forum’s corridors, side meetings were also held, with Prime Minister Rosen Zhelyazkov and BNB Governor Dimitar Radev meeting with Christine Lagarde and with Kristalina Georgieva. There was also a Zhelyazkov-Dombrovskis meeting.

/NF/