The European Parliament and the Council of the EU Vote on Bulgaria’s Accession to the Eurozone
“Today, we stand on the threshold of a historic day – one that will be remembered not only in Bulgaria’s history, but also in that of Europe. Bulgaria is set to become the 21st country to adopt the euro as its national currency, fulfilling a long-standing dream and the sustained efforts of generations who have worked toward this goal. I hope that, by the end of today, we will be able to celebrate a major and meaningful success,” said Deputy Minister Dontcho Barbalov in an interview with the Bulgarian National Radio.
According to the Deputy Minister, one of the major uncertainties – regarding the exchange rate at which the euro will be introduced in Bulgaria – is expected to be resolved today. The proposal to confirm the fixed rate of BGN 1.95583 per EUR 1 is anticipated to be approved.
“When it comes to prosperity, that is a longer-term process. As of 1 January, we will no longer need to exchange currency when travelling abroad. Greater price transparency is expected, as well as increased clarity around the income we receive. The major benefits will be for the state, for businesses, and for us as a society,” Barbalov said.
“Our country’s accession to the eurozone will mean easier access to financing for both Bulgarian businesses and the state, which is vital for the development of the economy. It will also enhance the confidence of foreign partners.
Bulgaria will finally have the same weight, the same votes, and the same rights as all full member states of the EU and of the European market,” Barbalov concluded.
Listen to the full interview here: