Bulgarian National Bank Chief: Eurozone Entry Brings Growth Opportunities, Political Stability Crucial

Dimitar Radev, Governor of the Bulgarian National Bank, highlighted the economic opportunities Bulgaria stands to gain by joining the Eurozone, during an interview with BNT. Drawing on Croatia’s experience, he pointed out that the adoption of the euro there did not bring any unexpected challenges but instead opened doors for growth and accelerated real economic convergence.

Radev stressed that while the Eurozone does not guarantee success, it creates favorable conditions for increased income growth, a crucial factor for real convergence, as seen in Croatia’s case. He urged for political stability in Bulgaria in the upcoming months to ensure a smooth transition to the euro.

He warned that a fresh political crisis now would complicate Bulgaria’s path to the euro, causing difficulties for both businesses and households. Reflecting on lessons learned since 2020, Radev emphasized that political instability is not the solution and that the country should avoid turmoil during this critical period.

Addressing concerns about losing national identity by moving away from the lev, Radev dismissed such claims. He argued that adopting the euro would actually strengthen Bulgaria’s identity, citing the design of Bulgarian euro coins and banknotes, which will carry national symbols and letters, circulating across Europe among 350 million people.

Source: BNT interview