site.btaBulgaria Establishes Oversight Mechanism to Ensure Smooth Transition to Euro

Тhe Bulgarian Government has approved the establishment of a national coordination mechanism to oversee the monitoring and control processes related to the country’s upcoming adoption of the euro. The move is intended to provide additional guarantees for a smooth and transparent transition to the common European currency, said the government press office.

The new mechanism will enhance coordination between the government and regulatory authorities, aiming to improve the implementation of euro adoption policies, strengthen price monitoring before and after the transition, and boost public awareness.

According to the government statement, the mechanism will also “enable timely identification of potential unfair commercial practices,” including improper currency conversion from lev to euro and unjustified price increases on goods and services. Violations will be subject to legally prescribed sanctions.

The mechanism will be chaired by the Prime Minister and will include the Ministers of Finance, Interior, and Economy and Industry, as well as the heads of the Bulgarian National Bank, the State Agency for National Security, the Consumer Protection Commission, the National Revenue Agency, and the Customs Agency. The Prime Minister may also invite the heads of the National Statistical Institute and the Commission for Protection of Competition, as well as other institutions as needed. Deputy Prime Ministers may participate in the sessions.

Also, the Council of Ministers approved a draft memorandum of cooperation with employer organizations, trade unions, and industry associations to support consumer protection during the transition to the euro.

The goal of the memorandum is to “establish a sustainable framework for partnership, cooperation, and coordinated action in the preparation and implementation of the euro introduction in Bulgaria,” ensuring stability, predictability, and public trust in the process.

Signing the memorandum will reflect “a spirit of goodwill and partnership,” aimed at building confidence in the transition and encouraging businesses to adopt responsible and transparent practices.