Deputy Finance Minister: Euro’s Introduction to Bring Bulgaria Many Economic Opportunities

Jerusalem, 9 May, 2023 (TPS) -- SOFIA, 09.05.2023 (BTA)
Speaking at a discussion on the role of organized civil society in the process of Bulgaria’s accession to the euro area, Deputy Finance Minister Metodi Metodiev said here on Tuesday that the introduction of the euro is a fundamental change that will bring Bulgaria many economic opportunities. It will help for faster economic development, and that is the way to a better life for every Bulgarian citizen, he added.

The discussion, organized by the Economic and Social Council (ESC), brought together government members, lecturers from Croatia and the Baltic States, and representatives of various institutions and organizations.

Metodiev pointed out that joining the euro area is a key step in the process of Bulgaria’s full integration into the European Union. The adoption of the common European currency is a symbol of Bulgaria’s belonging to the European idea, he said.

Although Bulgaria will not join the eurozone on January 1, 2024, as initially planned, the caretaker government continues to work on preparing the country for membership at an accelerated pace, the Deputy Minister noted.

Meeting the criterion of stable public finances and limiting the budget deficit to 3% of GDP is now a challenge, Metodiev said, adding that over the past 25 years, Bulgaria has demonstrated a sound budgetary position of the general government sector and has traditionally held good positions in terms of these criteria.

Metodiev said that the goal is for the 49th National Assembly, as a legislative institution, to set its vision for the budget and its policies; the Finance Ministry will provide full technical assistance to that end. “We are ready with revenue and expenditure measures, with an estimated annual fiscal effect, which can be considered in the National Assembly and if they get the necessary political support, they could help bring the deficit within the 3 % limit,” Metodiev said. In his words, the discussions in the public space indicate there is consensus on a 3% deficit.