site.btaPM, Finance Minister and CC-DB Floor Leader Meet with Eurogroup President, Discuss Acssession to Eurozone

Prime Minister Nikolay Denkov, Finance Minister Assen Vassilev and Continue the Change - Democratic Bulgaria (CC-DB) Co-Floor Leader Kiril Petkov held a meeting with the President of the Eurogroup, Paschal Donohoe, during the World Economic Forum in Davos, to discuss the next steps to increase the chances of Bulgaria achieving its goal to become a member of the Eurozone from January 1, 2025, said the press centre of the Council of Ministers on Thursday.

Prime Minister Denkov pointed out that the President of the Eurogroup is well acquainted with the situation in Bulgaria and the country's progress in implementing the Maastricht criteria. With the exception of the inflation criterion, Bulgaria meets all other conditions. "The conclusion of the Eurogroup President was clear - if we manage to cover the inflation criterion, then we will not have a problem with the Eurozone," he said. He recalled that a large part of inflation was brought in from outside and control was not entirely within the government's capabilities.

"The rating is extremely good. We are all working together so that Bulgaria can officially become a member of the Eurozone on January 1, 2025," said Finance Minister Assen Vassilev after the meeting. He noted that Bulgaria has reached a deficit of 2.2% of GDP, and this is considered extremely high. Minister Vassilev added that the final assessment will be in June, when the European convergence reports for 2024 will be published. When making the final decision, inflation data in Bulgaria in May will be taken into account. Vassilev noted that so far it is looking good, as in December infladion dropped, while it rose slightly in the Eurozone. He also added that in order for Bulgaria  to be legislatively ready for entry into the Eurozone, it is important for Parliament to adopt the Bulgarian National Bank Act.

"Bulgarians should not be afraid of the euro, but we must introduce it as soon as possible in order to enjoy even faster economic growth," commented CC-DB Co-Floor Leader Kiril Petkov.