site.btaIMF Deputy Executive Director: Bulgaria’s Path to Eurozone since 1997 Crisis Is Admirable

International Monetary Fund (IMF) Deputy Executive Director Marnix van Rij said on Wednesday that the long road from the 1997 crisis to eurozone membership is admirable, as it was not an easy one, and joining the euro area marks not the end but the beginning of a new stage. He was talking at the “Euro Days” event held Wednesday at the University of National and World Economy (UNWE), organized by UNWE, the Bulgarian National Bank, and the UNWE Institute of Economics and Politics.

Van Rij noted that Bulgaria, an EU Member State since 2007, will become the 21st member of the eurozone on January 1, describing the achievement as a significant milestone. 

He noted that his home country, the Netherlands, also experienced nostalgia when adopting the euro, but in the end, eurozone membership proved a success for all countries that took that step.

Outlining Bulgaria’s current macroeconomic situation, he stressed that the country has achieved a lot. He noted that Bulgaria’s monetary policy remains well-calibrated, with inflation under control and a public debt ratio among the lowest in the EU. While some Member States carry debt exceeding 100%, Bulgaria’s level of around 25% provides scope for further investment. The adoption of the euro, he emphasized, marks not the end but the beginning of a new phase in fiscal policy.

He pointed out that the challenge lies in finding the right balance between monetary and fiscal policy so that they do not contradict each other, which is an issue faced by every EU country, including Bulgaria.

Marnix van Rij added that as a former deputy finance minister in the Netherlands, he understands that it is easier to talk about policy than to make unpopular decisions when one is on the front line.