site.btaEurogroup President: I Want Bulgaria to Join Eurozone

“I want this membership to happen. The benefits are so important for Bulgaria and Europe that the work must end successfully, Eurogroup President Paschal Donohoe in his opening remarks at the conference a conference on "Eurozone Accession: Advantages and Challenges for Businesses" here on Friday. The event is organized by the Ministry of Finance.    

In his words, the eurozone membership would then be to the benefit of the country's citizens and Europe. "I also want to acknowledge the outstanding work that Minister Vassilev is doing in Brussels on your behalf," Donohoe said.  

He said that in his role as Eurogroup President he was in Sofia to promote the value of the euro and to recognize the excellent work done by Bulgaria on its way to joining the euro area.   

"I want to describe Ireland's experience as a member of the euro area and recognize how important the work in 2024 is for Bulgaria's accession", Donohoe said. "Ireland's long history is one of a country whose economic development was below the economy's potential and this caused emigration. That has been changing since the 1990s. First because Ireland joined the eurozone," he said.   

He did not conceal the difficulties Ireland faced afterwards. "We had our difficulties, well known and we still have many problems. We still have people leaving it, but on the other hand we have an economy that has been growing for many years, the population is growing, there is a surplus and the euro has proved to be a very important pillar in the overall architecture of Irish development to this level," Donahue said.    

Highlighting the benefits of membership, he drew parallels from Ireland's experience, which have similarities with Bulgaria and as such could be useful for the country.   

Donohoe noted the great value the euro plays when decisions are made and the path of public finances is charted. He highlighted the involvement of the Bulgarian finance minister and central bank governor in the decision-making process and in the discussions in the euro area. The Eurogroup President also pointed to the convenience for travellers to and from Bulgaria. 

Another argument, based on the Irish experience, concerns those who want to sell goods and services to other countries in Europe and in the euro area, because trade takes place within a single currency, in terms of trust in it. 

"This has made a big difference in our ability to attract investment, for companies to grow and allow our farmers to sell their produce to exporters," said Donohoe.   

In conclusion, the Eurogroup President summarized that the question is not if, but when Bulgaria will enter the euro area. The conference discussed the country's readiness to join the euro area, as well as the benefits and challenges of switching to the single European currency as the country's means of payment. The event is attended by representatives of Bulgarian business, employers' and trade union organizations, as well as representatives of the diplomatic corps. 

Earlier on Friday, Paschal Donohoe met with outgoing Prime Minister Nikolay Denkov. He also met with Deputy Prime Minister and Minister of Foreign Affairs Mariya Gabriel.