site.btaFinance Minister: Bulgaria Has Never Been Closer to Euro Area

“We have never been closer to the euro area than we are now,” Finance Minister Temenuzhka Petkova said on Tuesday at a breakfast meeting on financial policy and competitiveness of the Bulgarian economy", organized by the American Chamber of Commerce (AmCham) in Bulgaria and the British-Bulgarian Chamber of Commerce (BBCC). The event was also attended by Bulgarian National Bank (BNB) Governor Dimitar Radev.

In her remarks, Minister Petkova summarized the main priorities of the government, among which is the country's membership in the euro area. “This goal is key for us and for our government, for all Bulgarian citizens and for Bulgarian business,” Petkova said.

She noted that in February Bulgaria met all the criteria for euro area membership and recalled that together with BNB Governor Dimitar Radev they had submitted a letter to the European Commission (EC) and the European Central Bank (ECB) with a request for the preparation of extraordinary convergence reports, and Petkova expressed hope that they would be positive and would enable the country to take its rightful place in the euro area from January 1, 2026.

“I dare say we are ready for euro area membership,” the Finance Minister said, noting that Bulgaria has come a long way to reach this point. Petkova said that in terms of legislation our country is fully prepared for euro area membership. She also noted that a large amount of technical work has been done and is being done in order for the administration to fulfill its commitments in connection with the adoption of the euro. A major information campaign on the introduction of the euro is also underway, because what we need - both the Bulgarian public and Bulgarian business - is to hear the real advantages of adopting the euro in Bulgaria, to allay people's fears so that they can proceed with the necessary confidence to this process and be able to readjust the activities of their companies, and Bulgarian citizens can arrange their personal finances in a way that complies with the requirements of the legislation, Petkova said.