Bulgaria is on its Way to the Eurozone

''Bulgaria is on its way to the eurozone'', Valdis Dombrovskis, EC Vice-President and European Commissioner for the Euro and Social Dialogue, said at the presentation of recommendations to Bulgaria in the framework of European Semester 2017, quoted by  FOCUS News Agency.

"Firstly I would like to thank the EC representation here in Sofia for organising today's event. There should be such discussions to ensure sustainable growth across Europe. The European Semester seems to be a very good framework to direct the countries’ efforts in this field,” Dombrovskis said.

He pointed at significant imbalances in the economy since 2015, including the high corporate debt. On the other hand, Bulgarian authorities have taken measures in response to recommendations on the pension sector in 2016. There is a high level of outstanding debt. The measures, necessary in the banking sector, should be taken more quickly. Regarding debt collection, things there will also be improved, according to Dombrovskis.

Bulgaria is still facing major structural changes and needs to overcome challenges in the financial sector and insurance. He also mentioned the need of improvement in less developed rural areas, healthcare and public procurement.

With regard to the eurozone, Dombrovskis said there are nominal exchange criteria. "We have discussed this issue. Some aspects look pretty well. You are walking towards the eurozone. You need to join the exchange rate mechanism," he added.

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