site.btaUPDATED VP Iotova: Eurozone Membership Means Security, Economic Development, Improved Business Environment

Vice President Iliana Iotova who spoke at the opening of the General Assembly of the European League for Economic Cooperation here on Monday said in her key remarks that eurozone membership means security, economic development, a higher standard of living and an improved business environment. The forum, which takes place under the auspices of the Vice President, began with an international conference entitled The future of the Euro and the future of Bulgaria in the Euro Zone.

Iotova pointed to Lithuania, Latvia and Estonia as positive examples, since their initial situation was similar to Bulgaria's, however, all three countries achieved income growth of 80 to 120% in less than seven years, after they joined the euro area. Iotova also praised Croatia, as institutions there ran a good lobbying campaign before Croatia's European partners to have the country join the eurozone.

The Vice President described joining the euro area as a process based on trust demonstrated both by the public and the member states. She warned against having far right parties scare off governments from giving Bulgaria the green light to join the zone.

Iotova praised the Bulgarian National Bank for its active work for Bulgaria's accession to the euro area. She pointed out that technical readiness should be supported by adequate political action.

She said that Bulgaria's euro area membership was a strategic national goal and a profoundly committed policy that would lead to even greater European integration.

The Vice President stated that the euro area has come a long way since the 2007-2008 crisis, which was followed by a difficult recovery. She added that there are risks of global crises today as well.

Iotova said: "The crisis has led to economic stagnation, poverty and social exclusion. There was no action plan during the crisis, and the whole EU was in a stupor, especially after what happened in Greece with the measures that imposed severe economic austerity." She said that reforms necessary to strengthen the euro have been the topic of discussion for years.