Deputy Minister Pavlov: Bulgaria’s accession to the euro area is among the country’s top priorities

Deputy Minister Pavlov: Bulgaria’s accession to the euro area is among the country’s top priorities

The introduction of the single European currency, as one of the symbols of the EU, is proof of the deepening of Bulgaria’s European integration. This said Deputy Minister of Economy and Industry Nikolay Pavlov at the opening of the conference ‘Introduction of the euro — risks and challenges. The experience of Croatia’. He stressed that our membership in the most developed monetary union in the world will bring us significant benefits in economic, social and reputational aspects. ‘Bulgaria will make a big step forward in its integration and will participate in the process of monetary policy making in the EU’, Deputy Minister Pavlov said.

Within the forum the Deputy Minister of Economy stressed that our country is working hard for the full implementation of the European requirements in the legislation in order to prepare Bulgarian enterprises and consumers for the transition to the new currency.

Deputy Minister Pavlov: Bulgaria's accession to the euro area is among the country's top priorities

During the conference Deputy Minister Pavlov recalled that Bulgaria’s strategic goal is to meet the conditions for euro area membership by the end of 2024, after which it will introduce the euro as the national currency. According to him, the actions needed to achieve this goal are related to budgetary discipline and to reducing inflation to levels comparable to the countries with the lowest inflation in the euro area.

Pavlov was adamant that our membership in the euro area will help foreign trade and attract foreign investment.

During the event, the deputy economic minister stressed that once Bulgaria meets the requirements for joining the euro area, Bulgarian businesses should have enough time to prepare for the actual transition of the information, internal-company process management and payment systems. ‘The transition from the lev to the euro should be smooth and informed so that the benefits of membership can be felt by all’, Deputy Minister Pavlov said.

The conference was organized by the Bulgarian-Croatian Business Club (BCBC), together with Ms. Mirela Taseva, STIV Zagreb and in partnership with the Bulgarian Chamber of Commerce and Industry (BCCI).