Former Deputy PM and Economist: 'We Haven’t Been This Rich Since Khan Asparuh' as Bulgaria Joins the Eurozone

Former Deputy Prime Minister and economist Nikolay Vassilev has described Bulgaria’s entry into the eurozone as a historic achievement, saying "the country has not been this prosperous since the era of Khan Asparuh". In an interview with bTV, he emphasized that Bulgaria is now firmly among the ranks of first-class European nations, with strong prospects for economic growth and social development.

Vassilev highlighted that the combination of Schengen membership and the eurozone will strengthen Bulgaria’s position internationally, making the country wealthier, more respected, and more successful over the coming decades. He noted that even those skeptical about the transition will benefit, and future generations will take the new status as the norm.

Drawing comparisons with countries that joined the eurozone earlier, such as Slovakia, Slovenia, Croatia, and the Baltic states, Vassilev pointed out that initial doubts or minor shocks were quickly overcome. He cited Croatia as an example, noting its record tourist seasons, significant wage increases, and overall prosperity, which he expects Bulgaria to mirror.

The economist underlined that Bulgaria entered the eurozone under particularly favorable conditions, with low national debt and the benefit of 28.5 years of a stable currency board, which has acclimated Bulgarians to the euro through travel, work, and study abroad. He dismissed fears of immediate price spikes as “eternal mythology” and expressed confidence in steady economic growth.

Looking ahead, Vassilev predicts that 2026 will bring double-digit wage growth while inflation remains low, continuing Bulgaria’s upward economic trajectory in the early years of its euro adoption.

Source: bTV