Bulgarian Cabinet approves plan to prevent profiteering from transition to euro
Bulgaria’s Cabinet approved on June 4 the creation of an oversight mechanism for the introduction of the common European currency in Bulgaria, which will co-ordinate the actions of state bodies tasked with stopping any attempted profiteering prior and following Bulgaria joining the euro.
Prime Minister Rossen Zhelyazkov will act as chair of the mechanism, which will also include the finance, economy and interior ministers, the central bank governor, the heads of the State Agency for National Security, the National Revenue Agency, Customs Agency and the consumer protection watchdog.
Heads of other state bodies, such as the competition watchdog, could be invited to some meetings of the mechanism, Bulgarian National Radio reported.
Speaking to reporters before the weekly Cabinet sitting, Zhelyazkov said that state institutions are already keeping an eye on prices. “This oversight will be constant and will be in partnership with producers, suppliers and retail merchants,” he said.
“We have several tasks in the coming months to make the process to introduce the euro smooth, predictable and to dispel fears being disseminated among people,” Zhelyazkov said.
Regarding the government’s information campaign on the introduction of the euro, Zhelyazkov said that it is ready, but by law it is envisioned to start six months before the effective date of adopting the euro.
Should the Council of the EU approve the European Commission’s recommendation for a January 1 2026 date, which the EC announced on June 4 alongside its convergence report that found Bulgaria to be ready to join the euro, that would mean that the information campaign should start on July 1.
“The campaign is yet to start and will gather speed, so that all citizens, especially the more vulnerable groups, can be well-informed and to prevent anyone taking advantage of them and their concerns,” Zhelyazkov said.
(Prime Minister Rossen Zhelyazkov photo: government.bg)
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