site.btaEconomic and Social Council Calls for Stepping Up Bulgaria's Eurozone Accession

Bulgaria's Economic and Social Council (ESC) strongly supports the country's planned accession to the eurozone and calls for speeding the process. In a resolution dated February 24, the ESC listed the benefits of eurozone membership, including higher growth of consumer incomes, conditions to improve the business environment, lower long-term interest rates, no EUR-BGN transaction costs, a lower currency risk for businesses, a better credit rating for Bulgaria, better fiscal discipline, steadying inflation, and upgrading the quality of life.

The ESC condemned what it termed provocations and increasingly frequent acts of vandalism and hatred such as the violent anti-euro protests in Sofia on February 22, organized by the far-right nationalist Vazrazhdane party. The council expressed deep concern over ongoing disinformation campaigns in which the potential adverse effects of the euro changeover in Bulgaria are exaggerated. It urged state institutions and information operators to put up organized resistance against disinformation to prevent the Bulgarian public from being misled about the risks of adopting the single European currency.

People should not worry that inflation can rise due to the euro changeover, the ESC said. It quoted studies as showing that the effect on inflation would be between 0.1 and 0.3 percentage points. Profiteering may have a short-term impact, but the regulatory authorities should take timely and adequate measures to curb it, the resolution said.

The euro is the second most used currency in the world, the council noted. Bulgaria will not bring instability into the eurozone, the ESC argued, stressing that, as a non-eurozone country, Bulgaria normally meets the criteria for membership of the zone.

It called on Bulgarian politicians to commit to negotiating with the competent EU institutions in view of expediting the country's accession based on the fulfillment of the membership criteria. It urged the government to ask by the end of February for an ad hoc convergence report from the European Central Bank and the European Commission. The council believes that Bulgaria has achieved a high level of preparedness to adopt the euro. It warned that if the process is delayed, skepticism and disinformation about the benefits of eurozone membership can increase. Bulgaria should become a full member of the eurozone on January 1, 2026, the ESC insisted.