Bulgaria Will Not Fulfill the Criteria for the Euro by the June Report

Finance | May 14, 2024, Tuesday // 11:57|  views

According to Dimitar Radev, the Governor of the Bulgarian National Bank (BNB), Bulgaria will not meet all the requirements for joining the Eurozone by the time the convergence report is released in June. Radev made this announcement during a conference organized by the Association of Honorary Consuls, which focused on Bulgaria's Eurozone accession.

Radev attributed the country's delay in meeting Eurozone criteria to the ongoing political crisis and a lack of commitment from the executive branch to finalize the accession process. While Radev acknowledged that Bulgaria still has a chance to join the Eurozone next year, he expressed skepticism about achieving this by January 1.

While banks and the banking system are expected to be prepared for Eurozone entry by year-end, Radev noted that the same level of readiness does not extend to the state administration and local authorities. He emphasized the need for urgent action to fulfill technical requirements, outlining four key measures:

  • Restoring political dialogue on the Eurozone accession process, as current connections are merely formal.
  • Resuming fiscal consolidation efforts, which Radev deemed crucial for the BNB.
  • Promptly passing legislation for the introduction of the euro.
  • Accelerating efforts to meet remaining conditions and technically prepare the executive branch for Eurozone entry.

Minister of Economy Petko Nikolov also weighed in on the matter, stressing the importance of Bulgaria adopting the euro. He highlighted potential benefits, including an improvement in the country's rating. Additionally, Nikolov revealed plans for a campaign aimed at preventing abuses following the euro's adoption, with the Commission for Consumer Protection overseeing implementation and organizing an "Honest Trader" initiative featuring a distinct logo.

Meanwhile, BNB has initiated a trial minting process for 8 million euro coins, as announced by Governor Radev during a conference on the euro's introduction. Additionally, Radev stated that euro banknotes tailored to local requirements are currently undergoing printing.

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Tags: BNB, Bulgaria, euro, Eurozone

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