Central Bank Deputy Chief: Bulgaria’s Euro Adoption Will Anchor the Country in Europe’s Economic Core

Deputy Governor of the Bulgarian National Bank (BNB) Assoc. Prof. Petar Chobanov

Deputy Governor of the Bulgarian National Bank (BNB) Assoc. Prof. Petar Chobanov stated that Bulgaria’s forthcoming adoption of the euro will transform not only the country’s financial system but also its position within Europe. Speaking at the “Euro Days” event at the University of National and World Economy, attended by leading figures from Bulgaria’s financial sector, he stressed that this transition represents more than a formal change - it marks a step toward deeper integration into Europe’s economic core.

Chobanov explained that the shift in Bulgaria’s financial architecture will not come from entirely new regulations, but from the evolving global financial environment. He highlighted that Bulgaria’s eco-financial system can continue to develop in parallel with the strong and stable financial sector overseen by the BNB.

He also noted the significant progress Bulgaria has made in meeting the Maastricht criteria, emphasizing the importance of maintaining price stability, responsible public finances, and a fixed exchange rate. “The exchange rate stability was both the easiest and most responsible criterion to meet,” he said.

According to Chobanov, adopting the euro carries major strategic value, describing the single currency as a symbol of “trust, stability, and integration.” Joining the eurozone, he said, would place Bulgaria at the heart of Europe’s financial and economic system, leading to lower transaction costs for citizens and businesses, stronger investor confidence, better access to financial markets, and greater protection against external shocks.

The Deputy Governor underlined that the BNB’s role will remain pivotal after accession, as it will take part directly in eurozone decision-making. “We will defend the interests of the Bulgarian economy within the common European framework,” he affirmed.

Chobanov acknowledged that the eurozone faces multiple challenges, including geopolitical instability, energy dependency, inflation, and structural differences among member economies. For Bulgaria, he said, the priorities are to accelerate structural reforms, raise productivity, and confront demographic issues to ensure that eurozone membership is both effective and sustainable.

He reminded that Bulgaria’s currency board has proven the country’s capacity to preserve financial stability and warned against any expectations of relaxing fiscal discipline. “Those expectations should not come true - and so far, they haven’t,” he said.

Chobanov concluded that Bulgaria’s budgets will undergo deeper scrutiny by the European Commission starting next year, ensuring that financial discipline remains in place. “If we deviate from the path of discipline, we will receive clear signals from Brussels,” he noted.