40% Bulgarians Do Not Approve of Euro - Survey

Earlier this year Bulgaria's government announced it has abandoned plans to apply to join the bloc's exchange-rate mechanism, the so-called eurozone waiting room. Photo by EPA/BGNES

A little more than 40% of the Bulgarians think that the introduction of the euro would be bad for the country's economy, a poll showed.

According to the survey, conducted by Transatlantic Trends 2010, 83% of the UK and 53% of the Polish citizens do not have a positive opinion about the euro.

Only 28% of the Bulgarians expect that the introduction of the euro will have a positive effect on the country.

The poll has showed that the countries from the Eurozone are not very supportive of the euro. Most of the respondents have answered that the introduction of the euro had a negative effect on their national economy.

57% of the EU citizens have also stated that the economic problems in Europe should lead to a more active commitment for building a strong European Union.

However, only one third of the UK citizens have expressed support for the strengthening of the EU, while such a perspective was approved by 76% of the Italians, 70% of the Portuguese and 66% of the Bulgarians.

Transatlantic Trends 2010 is a project of the German Marshall Fund. It measures the broad public opinion in the United States, Turkey and 11 EU countries.

Bulgaria is still struggling to exit the recession after its economy contracted by 3.6% on an annual basis in the first quarter of 2010 from 5,9% in the previous quarter. The government however hopes for a 1% economic growth for this year as recovering exports bolster the expansion.

Earlier this year the cabinet announced it has abandoned plans to apply to join the bloc's exchange-rate mechanism, the so-called eurozone waiting room, over a larger than expected 2009 deficit caused by unaccounted procurement deals, signed by the previous Socialist-led cabinet.

Joining the exchange-rate mechanism was assigned top priority for this year by the new Bulgarian center-right government, which was the reason why it stuck to tight financial policy at the end of 2009 and delayed payments to businesses in a bid to keep low the budget deficit.

Countries must be members of ERM II for two years before they can formally join the eurozone. Bulgaria so far believed that it could be ready for euro entry by 2013.

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