site.btaForeign Minister Argues in Favour of Eurozone Membership

 April 9 (BTA) - Foreign Minister Ekaterina Zaharieva said
 on Tuesday that Bulgaria has chosen the path of quick
fulfillment of the Eurozone membership criteria and prompt
accession to the area. She said the government's plans in this
field are being implemented at the expected pace and there
should be an answer at the end of July about the country's
possible accession to Exchange Rate Mechanism II, the "waiting
room" for Eurozone membership.

The Foreign Minister was speaking at a discussion hosted by the
Bulgarian Business Leaders Forum (BBLF). The event was part of
the Fourth Annual BBLF-Ambassadors Meeting.

Zaharieva cited data showing that 53 per cent of the Bulgarian
people have confidence in the European Union, which is 9
percentage points higher than the average level in the bloc.
Generally speaking, the euro is trusted more than EU
institutions, with 74 per cent of Eurozone citizens having
confidence in the single European currency, she noted.

The survey also shows that, according to the Bulgarians, the
most important benefit of EU membership is the awareness of
being part of a strong union governed by the principle of
solidarity. "The Bulgarians do not want Europe and its
institutions to raise barriers between the nations - that is to
say, they are opposed to a multi-track or multi-speed EU,"
Zaharieva added.

The Foreign Minister noted that now is the right moment to hold
such a discussion with foreign ambassadors in Bulgaria because
it is important to hear the facts at a time of intense
speculation about Eurozone membership and the adoption of the
euro.

Citing European Central Bank data, Zaharieva said that the
average inflation rate in the Eurozone countries since 1999 is
1.7 per cent. In the 1970s and 1980s, before the introduction of
 the euro, average annual inflation in those countries was
sometimes as high as 20 per cent. In the two newest Eurozone
member states, inflation stands at 0.7 per cent, which is below
the EU average. This disproves predictions that the adoption of
the euro in Bulgaria will push prices up, Zaharieva said. She
argued that by joining the Eurozone, Bulgaria will become part
of the strongest integration process. IG/VE


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