President Radev: It is a Challenge to prepare the Bulgarians for the Euro

Politics | February 24, 2023, Friday // 12:58|  views

Bulgarian President Rumen Radev

During the opening of the conference "Bulgaria on the road to the euro", the President pointed out that the adoption of the euro will bring significant economic benefits to the country, and the big challenge is to prepare the citizens for this. President Rumen Radev announced that Bulgaria's membership in both the Eurozone and Schengen is a strategically important goal. "This requires responsible work of the institutions," he added. He announced that the process of entering the Eurozone should not lead to a lowering of the standard of living of Bulgarians.

"On the contrary, it must not only be preserved, but grow. That is why we must think about how it will be combined with the strategic goals that Bulgaria has set for itself," he pointed out. According to him, Bulgaria will have to improve its macroeconomic policy, it will be necessary to finally do something about the so-called targeted aid.

One of the criticisms of the last regular government is that the measures for inflation fueled it, because the aid was valid for everyone, not just the needy.

Regarding the criterion that Bulgaria mostly doesn’t cover at the moment - inflation, Radev said that it is most serious in Eastern Europe, which is closest to the conflict in Ukraine.

"Firstly, because the interruption of the supply chains of energy resources was felt most severely. Second, the costs for the most urgent life needs as a percentage are the largest. The goal of entering the Eurozone is for Bulgarians to live better, for our economy to be more competitive and provide a better product," he announced.

It will not be easy for the next parliament and government because it will have to contain the budget deficit during a crisis, commented Rumen Radev.

According to him, much more needs to be done, especially to strengthen control bodies and mechanisms.

Such models must be implemented, which in the transition period do not lead to speculative prices, but preserve the standard of living of the Bulgarians. The conditions for doing business in Bulgaria should also be eased. This means effective policy and action for our acceptance into the Eurozone. The main factors that generate inflation must be mastered,” said President Rumen Radev.

Read what acting Prime Minister Galab Donev said at the conference.

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Tags: euro, Radev, Eurozone, Bulgaria, Bulgarians


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