site.btaEU Commissioner for Economy and Productivity Dombrovskis Moderately Optimistic about Bulgaria's Chances to Join Eurozone in 2026

EU Commissioner for Economy and Productivity Valdis Dombrovskis said he was moderately optimistic about Bulgaria joining the euro area next year. In an interview with bTV on Sunday, he recalled that last year Bulgaria met three of the four convergence criteria - it remains to see the official data on the inflation criterion, which is at the borderline of what is needed.

Asked whether the President's initiative for a referendum on the euro adoption in 2026 influenced the conclusions in the upcoming convergence report, Dombrovskis pointed out that he could not comment on domestic political developments, but recalled that a discussion on this topic had been held on the sidelines of the Economic and Financial Affairs Council (ECOFIN) with Finance Minister Temenuzhka Petkova and Eurogroup (eurozone finance ministers) President Paschal Donohoe. Dombrovskis stressed that the message from the Minister was clear - the Bulgarian Government and the Bulgarian National Bank maintain their request for a convergence report, which means that the European authorities will continue to work on it. The plan is to finalize it in early June without delay.

Asked what he would say to those Bulgarians who fear the adoption of the euro in Bulgaria, Dombrovskis pointed out that in Latvia they faced a similar situation and concerns when the country joined the euro area and he was heavily involved as head of the government in the preparations and in the final accession of the country. Latvia's experience has shown that joining the euro area has strongly supported the resilience and stability of the economy and finances in the aftershocks of the economic turmoil of the COVID-19 pandemic and Russia's war against Ukraine.

He added that joining the euro would also give Bulgaria practical benefits - better sustainability, lower currency transaction costs, lower interest rates. All those advantages that come with joining the eurozone, the Commissioner said. He noted that in Latvia and the other eurozone countries, public support for the euro has increased significantly since joining the currency union because many of the concerns before the adoption have not materialized and people are starting to appreciate the practical benefits.