ECB President Christine Lagarde Reaffirms Support for Bulgaria's Eurozone Accession

During a recent hearing at the Committee on Economic and Monetary Affairs (ECON), MEP Tsvetelina Penkova raised the issue of Bulgaria’s accession to the euro area and sought clarity on how the European Central Bank (ECB) plans to support the country in this transition. Penkova specifically pointed to Bulgaria’s currency board as a foundation for a smoother integration into the eurozone. She asked ECB President Christine Lagarde for details on the forthcoming steps and the role of the ECB in facilitating Bulgaria’s path to adopting the euro.

Lagarde expressed a strong sense of optimism and reaffirmed the ECB's full support for Bulgaria’s euro area entry. She highlighted Bulgaria's progress, particularly in the areas of economic stability and efforts to combat money laundering, which were key factors in Bulgaria’s advancement. Lagarde indicated that the upcoming convergence report, expected in the near future, would provide a more detailed overview. She assured that the ECB would offer all the necessary technical support as Bulgaria continues its journey toward adopting the euro.

Penkova also underlined that Bulgaria’s economic reforms are beginning to show positive results, positioning the country well for the next phase of European integration. She noted that inflation in Bulgaria currently meets the price stability criterion, a significant milestone for euro adoption, as evidenced by the latest Eurostat data. She attributed these achievements partly to the ongoing work of Bulgarian MEPs, with herself playing an active role in advancing Bulgaria’s integration.

Penkova stressed that it was essential for Bulgaria to maintain a clear and transparent communication strategy regarding the euro adoption process, ensuring that citizens are well-informed about the changes ahead. She pointed out that regulators and effective implementation of control measures would be critical to the successful integration into the eurozone.

The positive momentum around Bulgaria’s eurozone accession continues to build, as eurozone countries have welcomed the progress made so far. Penkova emphasized that with the ECB's clear backing and the ongoing efforts of Bulgaria’s institutions, the country is on a strong and confident path toward joining the euro area.