site.btaEducation Minister Does Not Expect Euro Adoption to Cause Shocks in Education System

Education and Science Minister Krasimir Valchev does not expect the adoption of the euro to lead to any upheavals in the education system, which will have its first budget in the new currency in 2026. The minister voiced regret that the information environment in Bulgaria, and especially the social networks, allow fake news to be published and a lot of speculation to be made. The Minister was speaking Monday at the University of Economics in Varna, where he took part in a conference on the prospects for Bulgaria after adopting the euro.  

By adopting the euro, Bulgaria is completing its European integration process, and the benefits for the country will be long-term, Valchev said.

He emphasized that the transition will be smooth, since Bulgaria has been in a currency board for 28 years and has practically given up on independent monetary policy.

"It is necessary to dispel the myths that exist," the minister stressed, adding that an attempt has been made to link the increase in fees for paid education at universities with the adoption of the euro. He pointed out that this is speculation, since the reason for the increase is dictated by texts in the legislation. "We have corrected things and our universities will remain competitive," Valchev noted. He also commented that institutions are often approached with greater distrust than academic circles, adding that they are distinguished by a high degree of pluralism and that they also present scientific evidence. He emphasized that it is precisely academic circles and science that should present real arguments and dispel myths and speculations.

It is normal for people to have concerns, Valchev said, recalling that inflation has always existed even without being in the eurozone. "This is a normal process, we are in a period of convergence, incomes are increasing, but prices are also rising," the minister commented. According to him, over the last decade, the average salary in Bulgaria has been growing by an average of 11-12% annually, and purchasing power has also been increasing compared to the average in Europe. However, growth of incomes also leads to growth in prices, Valchev stressed.

"There is no doubt that the benefits of adopting the euro will be long-term and tangible, in the long term we will be more connected, more prosperous, trust in our country and in our banking system will increase," Valchev pointed out. However, he pointed out that the processes do not end with Bulgaria's entry into the eurozone, and reforms must continue.

The conference on the prospects for Bulgaria after adopting the euro in Varna was also attended by Varna University of Economics Rector Prof. Evgeni Stanimirov and University of National and World Economy Rector Prof. Dimitar Dimitrov. The forum also brought together scientists, experts and representatives of the two higher education institutions.