site.btaGovernment’s Proposed Euro Adoption Law Changes Include Extreme Anti-Market Measures, Industry Groups Warn

The government's proposed amendments to the Introduction of the Euro in the Republic of Bulgaria Act contain extreme anti-market measures. These have neither been discussed with employer organizations and the business community, nor has an impact assessment been conducted, according to a joint position statement from 15 sectoral organizations presented by the Bulgarian Industrial Association on Friday.

The statement is addressed to the Chair of the National Assembly, the Prime Minister, the Minister of Finance, and the Chair of the Parliamentary Committee on Budget and Finance. A copy was received at BTA.

In practice, the legislative changes envisage a "freeze of commercial turnover in the country" for one year and five months, as well as granting the Council of Ministers the authority to introduce any additional measures it deems necessary in the event of a so-called "excessive increase in prices"—without providing a definition of what that means, the statement says.

The position is signed by:

– Association of Meat Processors in Bulgaria
– Association of Soft Drinks Producers in Bulgaria
– BG FISH – Association of Fish Products Producers
– National Vine and Wine Chamber
– National Branch Union of Bakers and Confectioners
– Association of Vegetable Oil Producers and Oil Product Processors in Bulgaria
– "Food and Drinks Bulgaria" Association
– Union of Brewers in Bulgaria
– Union of Fruit and Vegetable Processors
– Union of Sugar and Sugar Products Producers
– Union of Compound Feed Producers
– Union of Poultry Breeders in Bulgaria
– Association of Industrial Pig Breeding in Bulgaria
– Association of Pig Breeders in Bulgaria
– Union of Bulgarian Millers