Bulgaria and the euro

During the presentation of European Presidency priorities, Deputy Prime Minister and Foreign Minister Mariya Gabriel underscored Bulgaria's position in essential global institutions. Stressing Bulgaria's rightful place in Schengen, the Eurozone, and the Organization for Economic Cooperation and Development (OECD), Gabriel highlighted their significance during the event.

Marking a significant milestone, the euro commemorates its 25th anniversary since its inception. Introduced initially in 11 countries, the single European currency has grown to encompass approximately 350 million users across 20 countries in the eurozone. Bulgaria eyes becoming the 21st member, intending to join the currency union early next year.

The Bulgarian government has given its nod to a brand-new Law on the Bulgarian National Bank (BNB), specifically designed to facilitate Bulgaria's seamless integration into the Eurozone. This legislation, set to replace the existing law upon the country's adoption of the euro as its official currency, received approval during the Council of Ministers' meeting today.

The European Commission's latest autumn economic forecast reveals Bulgaria's anticipated economic slowdown in 2023 and 2024, followed by a predicted rebound in 2025. Projections indicate a decrease in imports and exports alongside steady household consumption levels, set to rise gradually in the coming months of 2024.

The government adopted an update of the National Plan for the introduction of the euro in Bulgaria.

The changes in the Plan were developed and approved by the Coordination Council for the preparation of Bulgaria for membership in the Eurozone, which is co-chaired by the Minister of Finance and the Governor of the Bulgarian National Bank.

In the months before the introduction of the euro in Bulgaria, citizens will be encouraged to deposit as many levs (BGN) banknotes and coins as possible in bank accounts.

The international rating agency Fitch confirmed the long-term credit rating of Bulgaria in foreign and local currency 'BBB' with a positive outlook.

The number of Eurosceptics in Bulgaria has doubled in the last four years. The number of people who see advantages from Bulgaria's membership in the European Union is decreasing, while the number of Bulgarian citizens who believe that Bulgaria should not be part of the union is increasing. More than half of Bulgarian citizens are against joining the Eurozone.

"The Governing Council of the Bulgarian National Bank has united around the idea of reproducing the design of the current exchange coins, which will ensure continuity in the monetary signs used and will facilitate the recognition of the new currency by Bulgarian citizens, namely: the Madara Rider - on the small coins; St. John of Rila - on the 1 euro coin; and Paisius of Hilendar - on the 2

Is it possible to introduce the euro in parallel to the lev? According to Bulgarian businesses, the best option is the fastest adoption of the European currency, rather than its prolonged parallel use.