Bulgaria and Eurozone

When will Bulgaria enter the eurozone and introduce the single currency in the European Union - the euro? This is one of the most frequently asked questions by the foreigners who visit our country. Your personal travel assistant Enjoy-Plovdiv.com gives light on this topical issue.

Bulgaria has already received full support from the European Commission for euro area membership. Our country is ready to submit the necessary applications for entry into the so- “Waiting room” even before the end of the summer. But the last is the word of all the member states and of the European Central Bank.

The state finance ministry expects to be in agreement by the end of 2018. Then there are 2 years of waiting in the waiting room. Since our country enjoys a good rating in Europe, reports steady economic growth, has excellent credit and bank records, stay in the Eurozone waiting room should be purely formal, analysts said. If the situation remains the same, at the latest in 2021, the euro should replace the Bulgarian lev. The important thing is to say that the Bulgarian lev remains a stable currency at the moment. Its course is directly linked to the euro, which further guarantees the stability of the Bulgarian economy.

Here are the comments of some of the top European officials who have already given their support for Bulgaria’s entry into the euro area: “We will give Bulgaria not only political support but also a special instrument of cohesion. It is important to remember that joining the Eurozone means joining the banking union, “said Valdis Dombrovskis, Vice President of the European Commission. “Bulgaria will be the next member of the Eurozone - there is no dispute on this issue, but this has to be prepared. You should not be in a hurry. The adoption of the euro should be beneficial, not a shock, “said Pierre Moscosi, EU Commissioner for Economic and Financial Affairs.

What will be the benefits for Bulgaria after our accession to the euro area: The currency risk and the possibility of a currency crisis will be eliminated, the country’s credit rating will increase; promoting trade and tourism; it will be easier to compare prices; foreign investment will increase; there will be more effective banking and financial supervision; will improve overall Bulgaria’s reputation.