Deputy Finance Minister: Eurozone Is Not a Mirage

Jerusalem, 19 February, 2023 (TPS) -- SOFIA, 18.02.2023 (BTA)
“The Eurozone is by no means a mirage and will not remain a mirage,” said Deputy Finance Minister Metodi Metodiev on the morning show of Nova TV. He was commenting on the statement of Finance Minister Rositsa Velkova Friday that Bulgaria will postpone its target date for joining the euro area.

According to Metodiev, Bulgaria must implement the reforms that it has committed to and that were submitted to the National Assembly as bills, and there should be a more sustainable trend of inflation reduction in order to reach the inflation criteria for Eurozone entry.

“The government has done a lot of technical and political work so far, but we do not meet these two criteria. The National Assembly, with the actions it has taken regarding the legislative program in the last month of its existence, has worked against its decision of October 27 to join the Eurozone,” Metodiev clarified.

“The caretaker government will continue its work on the technical preparations for the euro changeover, this is also the agreement with our European partners from the European Commission and the ECB,” Metodiev said, adding that once Bulgaria has a clear horizon for a sustainable downward trend in inflation, it will submit a request for a convergence report and assessment.

According to the deputy finance minister, the next target date for joining the euro area is linked to the implementation of reforms and a sustainable inflation trend.

“I hope that the next parliament will have the Euro-Atlantic foresight to pass the necessary laws. The problem in the last parliament, in terms of changes to the Eurozone laws, will be there in the next parliament because the government is determined to bring forward the same legislative proposals that were already rejected. Therefore, the political elite must have a clear idea of where and how fast Bulgaria wants to go on the path of its economic and political integration,” Metodiev pointed out.