Draft Law on Euro Introduction Open for Public Discussion

The Ministry of Finance has made public the draft Law concerning the implementation of the euro in the Republic of Bulgaria, inviting public discourse. The objective of this initiative is to facilitate the seamless integration of the euro into Bulgaria and enhance transparency and understanding regarding the adoption process of the unified European currency within the nation.

Scheduled for public scrutiny until April 24, 2024, the draft law is meticulously crafted to ensure Bulgaria's smooth transition to the single European currency. Developed by an interdepartmental working group at the Ministry of Finance, in collaboration with stakeholders including the Bulgarian National Bank, various ministries, institutions, business representatives, and academic experts, the draft law has received a positive opinion from the European Commission.

The proposed legislation outlines the principles, rules, and procedures governing the introduction of the euro as Bulgaria's official monetary unit. Crucially, the date of Bulgaria's accession to the Eurozone and the exchange rate of the Bulgarian Lev (BGN) to the euro will be determined by the Council of the European Union through unanimous agreement among Eurozone member states and Bulgaria.

Emphasizing Bulgaria's commitment to Eurozone accession, the draft law emphasizes continuity with the current fixed exchange rate, as affirmed in the National Plan for the introduction of the euro and a parliamentary decision from October 2022.

The proposed legislation outlines procedures for rounding off values ​​of goods and services, as well as various financial assets and benefits, following their revaluation. This includes bank accounts, securities, remuneration, pensions, social benefits, compensations, and...