site.btaAustria's Former Chancellor Schussel: Euro Is Gateway to EU's Strategic Core

During an information visit by Bulgarian media to Austria on the occasion of the upcoming introduction of the euro in Bulgaria, former chancellor of Austria Wolfgang Schussel said in an interview for BTA on Friday that the next phase of European integration will be in the field of defence and security, with common shield and common borders. Schussel stated that joining the eurozone is not only a matter of economics, but also of strategic political integration. For countries like Austria and Bulgaria, sharing a common currency with other Member States brings a number of practical advantages that include easier tourism, stable exports and predictability of financial processes, but most importantly, the euro gives Bulgaria a full place at the heart of the European project.

Schussel pointed out that the introduction of the euro in Austria was preceded by difficult political and psychological challenges – from a budget deficit of over 5% to resistance to the loss of the national currency. The transition was successful thanks to disciplined financial policy and a massive information campaign, despite a campaign led by the Freedom Party of Austria that collected some 250,000 signatures (about 4.5% of the country's population at the time) against adopting the common currency.

A specific problem that Austrians had to tackle as part of the euro adoption process was the math, since 1 euro was worth 13.76 Austrian schillings, which made everyday purchases a hassle. Even after a months-long massive awareness campaign, it turned out that four in every five Austrians were still not quite sure about the specifics of the change that was about to take place.

The former chancellor said that fears that Bulgaria will lose control over its economy with the euro are unfounded. He added that with the currency board being in effect, Bulgaria is already following the eurozone, and in 2026, it will simply gain a say in the decision-making process.

Asked whether Europe can be stronger and more united when it comes to its position on defence and energy, Schussel said he believes so. He added: "We have for 30 years enjoyed the 'peace dividend' since the end of [the] Cold War. And within this 30 years, we reduced our armies. The German army was reduced to one third – of 600,000 to 180,000. The navies they were reduced by half. The air defence was reduced by half. We enjoyed a peace dividend of EUR 2,000 billion (we the European countries). And this is over. De facto, we learned our bitter lesson that war is back. War is back on our continent. And we didn't see the sign on the wall. And I think this is now over. We have to do much more. We have to rearm, and we have to work together, because otherwise it's too expensive and not effective enough. I think the next step of European integration will be a kind of a common defence shield here, and border."

Schussel was adamant that Bulgaria is going through a period of national importance that requires cross-party consensus. He described Europe as a unique place of freedom that is worth protecting from nationalism and fearmongering, with more trust, solidarity, and a common vision.