site.btaCaretaker Cabinet Will Step Up Efforts for Practical, Technical Euro Changeover Preparations, Deputy Finance Minister Says

"The current caretaker Cabinet will be working at an accelerated pace for the practical and technical preparations for entry into the euro area," Bulgarian Deputy Finance Minister Metodi Metodiev said here on Wednesday, addressing a Conference on "Together towards Success: Stable Financial Ecosystem and Bulgaria's Progress to the Eurozone", organized by the Association of Banks in Bulgaria (ABB).

In Metodiev's words, the euro area is one of the few priorities that probably qualifies as Bulgaria's doctrine of 2018. "Since 2018, all governments, regardless of their political orientation, have been working for the practical, political and technical implementation of Bulgaria's euro area accession with some delays caused by external factors and domestic uncertainty," the Deputy Minister noted.

Metodiev recalled that an agreement with the Eurogroup and the European Commission regarding the production of euro coins in Bulgaria had been signed under the previous caretaker cabinet. He noted that the current caretaker Cabinet had signed an agreement with the European Commission regarding the communication strategy for the introduction of the euro. "This said, we have proved that Bulgaria is on this path and will continue to pursue it at an accelerated pace," Metodiev said. 

He also noted the work on the implementation of the Maastricht criteria. "At the moment the main problem is inflation, but we have to work on the medium- and long-term sustainability of public finances," the Deputy Minister pointed out.

He reported that the technical preparation for the introduction of the euro is making progress at an accelerated pace: there is a coordination council and seven working groups, and the preparation of the public administration in terms of information technology, accounting and audit systems is in an advanced phase.

Metodiev also pointed to the drafting of the Act on the Introduction of the Euro in Bulgaria, which will provide a framework for the seamless and effective lev-euro changeover. He described the law as "well formulated and balanced". The draft legislation is available for public consultation until April 24, and the Finance Ministry is open for discussions, practical advice and constructive proposals on the provisions. He also noted the positive assessment of the law received from the European Commission and said that an assessment from the European Central Bank is expected presently. The Deputy Minister said that more than 60 experts and business executives are in a working group drafting the bill, and added that the idea is basically to strike a balance between the obligations imposed on business and the interests of consumers and citizens.