site.btaPoliticians, Employers, Unionists, NGOs Discuss Financial Literacy as Factor of Investments, Incomes, Eurozone

The Economic and Social Council (ESC) on Tuesday organized a discussion on financial literacy as a factor of investments, incomes and Eurozone. The discussion was part of the Communication Strategy for the Introduction of the Euro in Bulgaria.

Taking part in the event, which was held at the Council of Ministers building, were Prime Minister Rosen Zhelyazkov (who opened the discussion), Bulgarian EU Commissioner for Startups, Research and Innovation Ekaterina Zaharieva, Education and Science Minister Krasimir Valchev, the Head of the European Commission Representation in Bulgaria Yordanka Chobanova, ESC President Zornitsa Rusinova, Finance Ministry officials, representatives of the Bulgarian National Bank, the National Revenue Agency, the National Social Security Institute, the Financial Supervision Commission, the Commission for Consumer Protection, employers, tradeunionists, and NGO representatives.

Highlights of the discussion:

Prime Minister Zhelyazkov: There is no point in starting a debate that manipulates people, instills fears in them and controls these fears, when the nation should be confident that the euro changeover only benefits a better competitiveness of the Bulgarian economy. Our government does not need this stage setting and this libretto. The inter-institutional squabbles currently dissuade society and split it into "pro-euro" and "euro-phobes" or "pro-Europeans" and "Eurosceptics". These squabbles can merely enhance the awareness that political dialogue is inadequate and re-entry into an election spiral is possible. The Introduction of the Euro in Bulgaria Act, which has been passed by the National Assembly and has been promulgated by a presidential decree, explicitly defines the date of this introduction. A debate after the fact of this enactment makes one feel that we are talking about other subjects that at this point are very far from next year's presidential election campaign. The State will tackle price speculation attempts to the full extent of its intolerance of such phenomena. Bulgaria has a huge advantage because of the fixed exchange rate and the benefits of the currency board arrangement. The Bulgarian National Bank is cast in a clear role as coordinator. We count on feedback from civil society and the NGO sector. When a macroeconomic projection is made, the levels of inflation and income growth are quite clear. Bulgaria's accession to the Eurozone is not subject to political debate. It may be a matter of awareness raising or of a need to familiarize the public with rigorous measures to suppress speculative practices trends that certain bad-faith traders will inevitably try to implement. The political discussion began back in 1997 and was actually completed in 2005. Next, everything was a question of technology as to whether Bulgaria was ready for the lifting of the derogation, which the Council of the European Union and the European Parliament will be addressing over the next two months. This debate could have been prompted by a temptation to use the subject of our European identity and belonging to the EU - the way it has happened over the years, the way it could happen when society follows leaders preferring the flag of populism.

Commissioner Zaharieva (in a video address): To dispel fear of and resistance to the euro, people need to hear every day why being part of the eurozone is a good thing and to understand in practical terms what this implies for Bulgaria. The public must be reminded that the euro brings economic stability, lower costs for international payments, and a simpler way of life while travelling. The public must be reminded that our country becomes a more attractive investment destination, that the euro is proof to the world that we are a stable and strong economy worth investing in. That the euro is a chance for more business, higher productivity, more jobs and, ultimately, a better life for everyone. That the euro is a symbol of trust in our country and proof of a strong economy – proof that Bulgaria has a seat at the table of the strong. The European Commission, together with the Member States, is working on a special strategy that includes measures to boost financial literacy, since a modern, competitive economy requires investment in modern education, access to quality information, and innovative and entrepreneurial thinking. Financial literacy is the best antidote to populism and to political and economic manipulation.