site.btaUPDATED PM Denkov Hopes Bulgaria Will Join Eurozone on Jan. 1, 2025

Speaking to the media here on Monday, Bulgarian Prime Minister Nikolay Denkov expressed the hope that Bulgaria will be admitted to the eurozone on January 1, 2025. "We are working very hard to make this happen,” Denkov said.

"We are convinced that everything that needs to be done to meet the criteria for joining the eurozone is going according to plan," the Prime Minister noted. He added that the only issue which remains to be addressed is inflation. Denkov said that Bulgaria has a low debt-to-GDP ratio and a small deficit which has been maintained for years. "It is perfectly normal that this 3% deficit should inspire respect, if compared with the deficit of other more developed countries, so this should not be a problem for adopting the euro," Denkov argued.

The Prime Minister also commented on Bulgaria’s bid to join the Schengen area. "What we managed to do over the last few months was to further enhance the protection of EU's external border and establish two units that are being developed at EU level. One of these units tackles international crime, the organizers, the people who pay traffickers to set the whole scheme in motion. These efforts are appreciated and Bulgaria does not pose a risk to Europe in this respect," Denkov said. He also highlighted the good cooperation with the Turkish authorities, pointing out that the Bulgarian border is currently very well protected. "This is, of course, a necessary condition, and we point it out every time we hold talks with partners," the Prime Minister noted.

According to him, what would prove an obstacle would be the problems some countries have with migration. "In this regard, our country argues that if Bulgaria and Romania are part of Schengen, it will benefit those countries, too, because border guards could be redeployed to the EU's external borders. Trucks waiting at border checkpoints will cross faster which, in turn, will reduce transport costs," Denkov noted.