site.btaEntering Eurozone Creates Preconditions, Positive Outcome Depends on People, Says Varna University of Economics Rector

Joining the eurozone creates preconditions, whether they will be positive or not depends on the people and their actions, Varna University of Economics Rector Prof. Evgeni Stanimirov said during a conference on the prospects for Bulgaria after adopting the euro, which was held in Varna on Monday.

Stanimirov stressed that almost all public discussions for and against the exchange of the lev with European currency make no attempt to see the whole picture. "In recent years, many things have happened in our country, although we have a bad habit of highlighting only the negative ones," he commented, adding that there has been an increase in both incomes and prices.

He pointed out that the loss of competitiveness due to these reasons is a possible scenario, but such an assumption should not be taken at face value, as the increase in prices can in turn stimulate business activity and its striving for higher efficiency. He emphasized that a number of structural reforms have been carried out in Bulgaria, which compensate for and even exceed the effects of the potential reduction in competitiveness.

The rector stated that the first positive effect of Bulgaria joining the eurozone is already a fact, noting that the country has an increased credit rating. He said that the direction of the country's development will depend on the next actions, including where funds will be invested and what technologies will be used. "We are facing third-generation reforms related to combating corruption, improving education, renewing the infrastructure and optimizing the work of institutions," Stanimirov emphasized, adding that this complex of actions should make Bulgaria better prepared for the challenges of the future in areas such as demography, technology, and climate change.