Bulgaria is prepared for smooth adoption of euro in January – PM Zhelyazkov
Bulgarian Prime Minister Rossen Zhelyazkov has offered a number of reassurances that the country is prepared for the smooth introduction of the common European currency on January 1 2026, at an event held in Sofia on November 4.
In his keynote address to the conference, co-organised by the Bulgarian National Bank (BNB) and Finance Ministry at the Boyana state residence, Zhelyazkov said that Bulgaria was prepared, both legislatively and logistically, for the introduction of the euro.
Despite the efforts of Eurosceptic political actors, the majority of Bulgarians were committed to the country’s European path. “I am certain that the doubts of Bulgarians regarding the euro will be dispelled very soon,” he said.
As part of the event, Zhelyazkov held face-to-face meetings with European Central Bank president Christine Lagarde, International Monetary Fund managing director Kristalina Georgieva, and the European Commissioner for economy Valdis Dombrovskis.
Speaking to Dombrovskis, Zhelyazkov said that all systems were ready for the introduction of the euro and his Cabinet continued to work intensively to ensure “a smooth, transparent and successful transition to the European currency,” the government’s media service said.
Zhelyazkov said that the government’s information campaign has increased the trust of the Bulgarian public, as evidenced by public opinion surveys, following more than 400 information events held since July with local authorities, business and citizens as part of the campaign.
In his meeting with Lagarde and BNB governor Dimitar Radev, Zhelyazkov said that the Bulgarian banking system was integrated in the Single Supervisory Mechanism, which guaranteed a high degree of preparedness and co-ordination of the process of adopting the euro, the government media service said.
Lagarde, in her own address to the conference, acknowledged public concerns before the adoption of the euro, saying that the uncertainty was natural.
“But once households and firms begin using the new currency in their daily lives – and see that a credible central bank is safeguarding price stability – confidence grows. In every country that has joined the euro area in the recent past, public support increased markedly within six months of the changeover,” she said.
Georgieva said that Bulgaria was ready for the euro: “Even more so given its longstanding experience with its currency board. Dual-currency pricing is in place ahead of January 1, price monitoring is underway, and a nationwide lev-to-euro information campaign is helping people and businesses prepare for all the aspects of switching to the euro.”
(Bulgarian PM Rossen Zhelyazkov with European Central Bank president Christine Lagarde and BNB governor Dimitar Radev. Photo: government.bg)
Please support independent journalism by clicking on the button below. For as little as three euro a month or the equivalent in other currencies, you can support The Sofia Globe via patreon.com and get access to exclusive subscriber-only content:
