site.btaBanks Are Best Prepared in Bulgaria for Euro Changeover - Association of Banks in Bulgaria Chair

Banks in Bulgaria are probably the best prepared part of the Bulgarian society for entry in the eurozone, according to the Chair of the Association of Banks in Bulgaria and CEO of Eurobank Bulgaria AD, Petia Dimitrova. She was among the speakers at a conference titled "Bulgaria in the Eurozone, When?". The event was held in Sofia Tuesday and was organized by the Association of Honorary Consuls in Bulgaria, CFA Society Bulgaria and the Association of Banks in Bulgaria.

"Together with the central bank and the Finance Ministry, we have set ourselves the task to be ready for January 1, 2025, no matter what happens," she said.

She argued that in the process of joining the eurozone the biggest burden falls on banks and added that according to estimates the banking system will spend over BGN 300 million just for the accession. "We are preparing very hard in all possible formats, including through the Association of Banks," Dimitrova said. She spoke about their information campaign, where one of the highlights is explaining the benefits of eurozone membership. "I hope that this goal will be taken to heart by the next government we will have after the elections and everything will be done to join in 2025. I think we have a real chance and opportunities to do so," Dimitrova said.

Greece's former finance minister George Zanias said that the benefits of joining the eurozone are many and the biggest one is that the eurozone has the best rules for management. Things boil down to whether a country wants to be in the centre or the periphery, he said.

Cyprus' ex-finance minister Michael Sarris urged Bulgaria to look in the longer term and make sure it has the professionals to deliver growth - and to also make sure the young people are well informed. 

Slovenian Ambassador Nataša Bergelj agreed that the preparation period is of crucial importance. "It is important to convince people that information is a ghost that is waved in front of them and all measures that we took in Slovenia to dispel people's fears were what our success is owed to," she said. She argued that the benefits of the euro changeover have been huge for a small economy as Slovenia's.

The diplomat spoke about the importance of allowing people to match prices after entry in the eurozone, and said that it is a national sport in her country. "It is important that people can get used to the euro," she added.