site.btaJoining Eurozone Will Give Bulgaria Stability - European Central Bank President Lagarde

Joining the eurozone will give Bulgaria stability as part of the currency union, which ensures the European Central Bank’s main goal of price stability in the medium term that benefits Bulgaria, said ECB President Christine Lagarde at a press conference here on Thursday in response to a BTA question. 

She also said that adopting the euro will bring significant benefits for Bulgaria, while underscoring the importance of proper management of the transition to the euro.  

During the press conference, Lagarde voiced her satisfaction that Bulgaria will become part of the common European currency area and welcomed the inclusion of Dimitar Radev, Governor of the Bulgarian National Bank, on the ECB’s Governing Council as an observer until the country’s full accession on January 1. 

Lagarde emphasised that Bulgaria will gain the right to vote on important decisions regarding the eurozone’s monetary policy and economic stability. 

She recalled that other countries’ transition to the single European currency raised concerns over the currency change’s effect. Lagarde explained that despite those concerns, the euro has brought significant benefits, facilitating trade and business by eliminating the need for exchange rates and increasing people’s mobility.  

The ECB President noted that some retailers may attempt to raise prices during with the currency conversion. She highlighted that Bulgaria has already taken steps to ensure a manageable transition period, introducing dual price display in both leva and euro since August. Lagarde also urged Bulgarian authorities to guarantee strict compliance with the rules.  

She concluded her remarks by expressing confidence that Bulgaria will benefit from the advantages of the euro and will be able to continue developing its economy in a stable and predictable monetary environment.