site.btaEuropean Commissioner for Economy Congratulates Bulgaria on Joining Euro Area

The European Commissioner for Economy and Productivity, Implementation and Simplification, Valdis Dombrovskis, quoted by the European Commission on Tuesday, congratulated Bulgarian on becoming the 21st country to join the euro area. The Commissioner said that both Bulgaria and the eurozone will become stronger thanks to Bulgaria's membership.

Dombrovskis praised the Bulgarian authorities and Minister of Finance Temenuzhka Petkova in particular for achieving a positive outcome.

He added: "Today is an important symbolic step for Bulgaria's euro accession, but let's not forget about practical benefits. Joining the euro removes uncertainty about future policy, strengthens external credit ratings and helps to stabilize and lower interest rates. This helps to promote foreign and domestic investment, leading to higher economic growth and more jobs. And it brings a positive impact on growth, thanks to full integration into EU's single market where Bulgaria's goods and services will become more competitive. In the longer run, the euro brings more stable prices and increases the resilience of the economy in the face of some challenges."

Dombrovskis noted Bulgaria's need to keep pressing ahead with reforms. He said: "Looking beyond January 1, 2026, maintaining discipline and sustaining the momentum for positive reforms will reinforce and amplify the benefits the membership in the euro area provides."

Addressing the fears of some Bulgarians that changing the currency will lead to price spikes, the Commissioner said: "Well, let me assure you today we have strong historical data that confirms that upward impact of the changeover on the prices is minimal in the short run, while the impact of prices is more than offset in the medium and long term. I also can speak on my personal experience from Latvia's changeover to the euro and the benefits of the euro membership. We see that the fears in terms of rapidly increasing inflation did not materialize, and people actually recognize the practical benefits which the euro is bringing."