18.01.2024
What are the next steps to take to increase Bulgaria’s chance to achieve its aim – the accession to the Eurozone on 1 January 2025: that was discussed at a meeting of Prime Minister Acad. Nikolai Denkov, Finance Minister Assen Vassilev and the Co-Chair of the Parliamentary Group “We Continue the Change – Democratic Bulgaria” Kiril Petkov with the President of the Eurogroup Paschal Donohoe.
The Prime Minister pointed out that the President of the Eurogroup is well acquainted with the situation in Bulgaria and the country’s progress to meet the Maastricht criteria. Except for the inflation criterion, Bulgaria meets all other requirements. “The conclusion of the President of the Eurogroup was clear: if we manage to meet the inflation criterion, we will not have a problem regarding the Eurozone,” Acad. Nikolai Denkov said. The Prime Minister recalled that inflation was largely brought in from out of the country and control was not entirely within the government’s capabilities.
“The rating is extremely good. We all work together for Bulgaria to join officially the Eurozone on 1 January 2025,” Finance Minister Assen Vassilev said after the meeting. He noted that the deficit of 2.2% of the GDP achieved by Bulgaria received extremely high recognition. Minister Assen Vassilev added that the final assessment would be in June when the 2024 European Convergence Reports would be published. The final decision will take into account the country’s May inflation figures. “Progress is good. In December, inflation dropped below 5% against the national measure of inflation whereas in the Eurozone there was a slight rise in inflation. We will watch over the next few months how this moves,” the Finance Minister pointed out. Further, he said that if the country is to be legislatively prepared for accession to the Eurozone, it is important that the Parliament pass the Bulgarian National Bank Act.
“Bulgarians should not be afraid of the Euro and we must adopt it as soon as possible in order to enjoy even faster economic growth,” was the comment of the Co-Chair of the Parliamentary Group “We Continue the Change – Democratic Bulgaria” Kiril Petkov.
