site.btaEC Vice President Dombrovskis Discusses with President Radev and PM Borissov Bulgaria's Readiness to Join Eurozone

Sofia, April 26 (BTA) - The visiting European Commission Vice President Valdis Dombrovskis discussed on Thursday with President Rumen Radev and Prime Minister Boyko Borissov Bulgaria's readiness to join the eurozone.

The macroeconomic development of Bulgaria and its readiness to join the eurozone were among the issues discussed by Borissov and Dombrovskis. Details of the talks were made public by the government press office. The two noted the positive trends with regard to key macroeconomic, fiscal and financial indicators.

Borissov is quoted as saying that Bulgaria has practically fulfilled the numerical criteria for entry in ERM II.

Dombrovskis commended the lowering of the external debt to 25.4 per cent at the end of 2017, making it the third lowest consolidated government debt among the EU member states.

Borissov said that prudent and predictable fiscal policy, relatively low level of government dept - far below the reference value of 60 per cent of GDP - and the measures taken by the government to improve the business climate, have strengthened investors' confidence and the trade integration of the country.

President Radev said as he met with the EC Vice President, that Bulgaria strategic goal is to broaden its European integration and this cannot happen without joining the eurozone, said the Presidential Press Secretariat. Radev pointed out that this country needs a clear action plan, an analysis of the commitments that have been made and an assessment of the risk from the introduction of the euro. "It is important not to politicize the issue and provide objective information about how the eurozone will affect Bulgaria's pace of economic growth and help achieve cohesion between the living standards here and in the other member states," said the President.

Dombrovskis said that mechanisms are available to Bulgaria to monitor prices and prevent speculative hikes. To ensure the smooth progress of accession, the European Central Bank has proposed a draft roadmap with the key stages of the process leading to joining ERM II.