site.btaBulgarian Industrial Capital Association Chair: Ensuring Security Crucial for Successful Transition to Euro

On Thursday, the Sofia Balkan Palace Hotel hosted the “Ensuring the Security of the Transition to the Eurozone” forum, organized jointly by the Bulgarian Industrial Capital Association (BICA) and Ministry of the Interior. During the event, Rumen Radev, Chair of BICA's Managing Board, said that ensuring security in all its dimensions is crucial for a successful transition to the euro. He added that state institutions and social partners are aware of their responsibility at this historic moment for Bulgaria.

He further stated that the discussion, organized in partnership with the Ministry of Interior, demonstrates that Bulgarian institutions and social partners recognize their responsibility at this pivotal moment, and that the path to introducing the euro must be secure, transparent, and fair.

Radev presented the results of a survey of BICA members regarding their attitudes towards Bulgaria's accession to the Eurozone. Nearly 80% of businesses surveyed had strongly positive views; over 50% expected immediate positive effects; and 40% did not expect any changes as they had been working with the euro for a long time.

The BICA Chair listed the benefits of introducing the euro, including eliminating currency risk and reducing currency exchange costs. This would lead to greater price transparency within the EU, ultimately encouraging competition. Other benefits include lower interest rates, greater access to financial resources, an improvement in the country's credit rating, financial system stability, and easier integration into European value chains, particularly in sectors such as automotive, mechanical engineering, electronics, and information and communication technologies.

He added that the path to adopting the euro would not be without its challenges, and that a higher level of preparedness, social responsibility, and trust would be needed. He emphasized the importance of protecting citizens' interests and ensuring that the introduction of the euro is not exploited for unjustified price hikes, fraud or violations of consumer rights. In this regard, the Ministry of Interior plays a key role in ensuring public order and security, as well as in preventing the financial cybercrimes that could accompany this sensitive transition.

He noted that information campaigns organized by the Ministry of Interior, the Ministry of Finance, the Competition Protection Commission and the Economic and Social Council are underway throughout the country, and that enhanced institutional control and reporting and response mechanisms are in place.