Bulgarian Cabinet Determined to Work for Adoption of Euro without Delay – Deputy PM Says

Jerusalem, 31 August, 2022 (TPS) -- SOFIA, 31.08.2022 (BTA)
Bulgaria’s caretaker Deputy Prime Minister Atanas Pekanov on Wednesday announced changes in the coordinating unit on Bulgaria’s accession to the Eurozone and said that the government is determined to work for the euro changeover without delay because it is in the best interest of the country.

He explained that the changes in the coordinating unit reflect the composition of Bulgaria’s new government after the caretaker Cabinet took office.

“The changes aim for improved and more efficient management of the changeover’s preparation. Our aim is to continue working without delay on the national plan for the adoption of the euro that was passed by the regular government with a target date of January 1, 2024. We have a responsibility to make sure all technical processes continue without delay,” said Pekanov.

He further said that close integration with the EU remains a key priority for Bulgaria, including membership in the European passport-free Schengen area, the euro zone and the Organization for Economic Co-operation and Development.

“This country has a lot of work to do to make this happen,” the Deputy Prime Minister added. He said that he will be working together with the Finance Minister and the central bank governor in the coordinating council. Seven working groups will have specific tasks and he will head one group that will be in charge of macroeconomic analyses and public finance and will look into how the economic policy of Bulgaria will be impacted by the entry into the Eurozone.

Another working group, on consumer rights, has an important role to play as prices transition to euro from leva.

The communication strategy for the euro changeover is expected to be ready in the coming weeks and it will pay attention to consumer protection and disproving unfounded fears of price spikes, said Pekanov.

The working group that is drafting the bill on the adoption of the euro, will be ready in a matter of weeks, he added.

“The euro changeover is in the best interest of Bulgaria. It will bring reputational gains, lower the costs of businesses and improve the investment climate. The world is experiencing turbulences and it is important that we avoid being on the periphery of the processes and strive to be in the center of the EU, and we are making sure this happens,” said Pekanov.