NEWS

President: Measures Needed to Minimise Risk of Price Hikes and Raise Living Standards of Bulgarians When Bulgaria Joins Eurozone

With the help of the European Commission, the executive in Bulgaria should develop and introduce measures and models that would lead to minimising the risk of price increases in the transition period when joining the Eurozone. President Radev said this during a meeting with Valdis Dombrovskis, Executive Vice-President of the European Commission for Economic Affairs, who is visiting Bulgaria. The head of State stressed that measures are needed not only to preserve but also to raise the standard of living of Bulgarian citizens, to preserve the competitiveness of the Bulgarian economy and to create an even better environment for its upward development and catching up with European levels.
 
The President highlighted this country's membership in the Eurozone and Schengen as a logical and well-deserved conclusion of the integration process, stressing that it required effort, transparency and, above all, trust. The President expressed gratitude for the support provided by the European Commission to the caretaker government for making significant progress with the signing of a memorandum for the production of euro coins in Bulgaria.
 
We are fully aware of the obstacles on the way to eurozone membership - inflation and the laws that have not been passed, the President further said and recalled the achievements of the caretaker government in curbing the factors generating inflation. Bulgaria is among the countries with the lowest natural gas prices, guaranteed supply stability, and the lowest fuel prices in the EU. The head of State expressed his expectation that the next Bulgarian parliament would adopt the necessary legislation for eurozone membership.

Dombrovskis hailed the achievements of the caretaker government in curbing inflation in the country and expressed the support of the European institutions for this country's membership in the euro area. We are confident that joining the Eurozone will bring many benefits to Bulgaria and its citizens. An awareness campaign is needed so that the Bulgarian people are aware of the benefits and what needs to be done to make them felt, said the European Commission's Executive Vice-President for Economic Affairs.