Bulgaria will lose billions if it does not enter the Eurozone "as soon as possible"

As soon as possible".

This is how the Governor of the Bulgarian National Bank (BNB), Dimitar Radev, answered the question of when the Balkan country should join the Eurozone. The BNB governor was speaking at a conference titled "Bulgaria in the Eurozone. When?", organized by honorary consuls, the CFA community and Bulgarian banks.

Mr Radev stated that delaying the full integration of Bulgaria "has its price and that price is constantly increasing".

Its scale (of losses) is no longer measured in the millions, but in the billions," said Radev.

He defined the chances of Bulgaria joining the Eurozone in 2025 as "strong" and "completely realistic". However, he did not commit to giving a specific date.

Radev once again clarified that the adoption of the euro would provide better conditions for business and more favorable conditions for financing.

He stated that the draft law for the introduction of the euro in Bulgaria is ready for submission and adoption by the National Assembly (the country’s parliament). The document was released for public discussion in the last days of the previous government (led by Prof. Nikolay Denkov), and a few days ago the European Central Bank (ECB) expressed a positive opinion on it.

Still, for the successful adoption of the bill and for the entry into the Eurozone itself to happen, a "stable pro-European government" will need to be formed after the elections.

The (previous) executive administration demonstrated a very hesitant position," added Radev.

He also emphasized the importance of getting back on the path of fiscal consolidation and the fastest possible adoption of the euro adoption law.

At the moment, however, Bulgaria still does not meet the inflation requirements set by the Eurozone, which was also recognized by the caretaker Minister of Economy, Petko Nikolov. He added that maintaining budgetary discipline and reducing inflation is key, and the administration is working hard on this.

Preparing for the euro

Dimitar Radev added that the BNB and the Bulgarian banks will be fully prepared within the coming year for the adoption of the euro.

We are closely monitoring the commercial banks' preparations, which are progressing according to plan, and we take measures as needed. The BNB and the banking sector are working according to plan and we will be ready," said Dimitar Radev.

He added that a control and preparation process has been established. Twice a month, the BNB reviews four reports on the progress achieved and the potential problems in the preparation process.

Technically speaking, there will also be a test minting of 8 million euro coins. The Bulgarian Mint is ready to mint the Bulgarian euro coins, but it is still waiting to receive a license to do this. The Bulgarian State Printing Office has such a license and is already printing euro bills for other Eurozone countries.

Translated by Tzvetozar Vincent Iolov