BNB: Bulgaria Must Join the Eurozone As Soon As Possible To Avoid the Losses of Billions

Finance | May 16, 2024, Thursday // 10:21|  views

This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia

The consensus among the Bulgarian National Bank, the Association of Banks in Bulgaria, the international diplomatic elite, and the Bulgarian business community is unequivocal: Bulgaria must join the Eurozone by January 1, 2025. This became clear at the international conference "Bulgaria in the Eurozone, When? " in Sofia, attended by prominent figures including Dimitar Radev, Governor of the Bulgarian National Bank, Petko Nikolov, Minister of Economy and Industry of the Republic of Bulgaria, Wolfgang Schüssel, former Chancellor of the Republic of Austria, Joseph Muscat, former Prime Minister of the Republic of Malta and MEP, Adrian Năstase, former Prime Minister of Romania, Michalis Sarris, former Minister of Finance of the Republic of Cyprus, George Zanias, former Minister of Finance of Greece, Borislav Boyanov, Chairman of the Association of Honorary Consuls in Bulgaria, Nikolay Vassilev, former Deputy Prime Minister of the Republic of Bulgaria, and Petia Dimitrova, Chairman of the Association of Banks in Bulgaria.

"Marginal topics divert attention from the nation's true priorities. The magnitude of the potential loss isn't counted in millions, but in billions. Bulgaria must complete its European integration as soon as possible by joining the Eurozone," stated Dimitar Radev. He stressed that the procrastination in Bulgaria's complete integration into the heart of the European Union, namely the eurozone, comes with an escalating cost.

George Zanias, former Minister of Finance of Greece, emphasized the potential and opportunities that the introduction of the euro in Bulgaria will unlock for the private sector. He also noted that joining the Eurozone will enhance the country's credibility, improve access to financing, and accelerate returns from foreign investments. According to him, Europe's trust in the private sector is crucial for fostering improved exchanges with other countries and expanding trading opportunities.

Michalis Sarris, former Minister of Finance of the Republic of Cyprus, highlighted the necessity for Bulgaria to strike a balance between financial discipline and economic growth. He explained the importance of reasonable resource allocation in attaining this objective, pointing to European programs that can facilitate the effective utilization of resources. This strategic approach enables the country to foster and sustain its economic development.

"I can confidently state that we, as banks, will be fully prepared to accept the euro by January 1, 2025, utilizing all our available resources. I hope that this strategic objective will be embraced by the incoming government following the elections, and that every effort will be made to ensure Bulgaria's accession to the single European currency," said Petia Dimitrova, CEO and Chairman of the Board of Postbank and Chairman of the Board of Association of Banks in Bulgaria.

The program of "Bulgaria in the Eurozone, When?" covered a diverse array of economic, financial, political, and business topics related to Bulgaria's Eurozone accession. The event attracted hundreds of official guests and media outlets who had the opportunity to engage with in-depth analyses, best practices, and applicable strategies for the effective implementation of requisite reforms, which are crucial for fostering sustainable and prosperous management of economic integration.

The event is organized in partnership between the Association of Honorary Consuls in Bulgaria, the Bulgarian CFA Association, and the Association of Banks in Bulgaria.

The event is supported by the general partner Postbank, the main partners Samsung Store, "Georgiev, Todorov & Co." and UG Market Fund Management, as well as partners UniCredit Bulbank, Boyanov & Co., Expat Capital and M3 Communications Group, Inc. Media partners of the event are BNT, Euronews, Bloomberg TV, 24 Chasa, Trud, Manager, Investor.bg, Dir.bg, Econ.bg, Novinite.bg, and SeeNews.

 

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Tags: Eurozone, Bulgaria, BNB

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