NEWS

President Rumen Radev: Bulgaria’s Strategic Prospects Are to Deepen its European Integration and This Cannot Happen Unless it Joins the Eurozone

Bulgaria’s strategic prospects are to deepen its European integration and this cannot happen unless it joins the Eurozone. This is not a matter of willingness, but is a goal that should be achieved on the basis of a real preparation and a path covered. This is what President Rumen Radev said at a meeting held with Valdis Dombrovskis, Vice-president of the European Commission in charge of the euro and social dialogue. The Head of State said that our country needs a clear action plan, an analysis of the commitment assumed and also an assessment of the risk of introducing the euro.  

Rumen Radev said that Bulgarians need to get acquainted with the experience of other European states that have undergone the same process. It is essential that, without politicizing the issues, we gain information about how the eurozone will impact the economic growth rate and to what extent this would facilitate the process of equalizing the standard of living of Bulgarians and that of other citizens of EU member states.  

Valdis Dombrovskis, for his part, said that there are mechanisms that Bulgaria can apply to monitor the prices so as to prevent their speculative increase. To ensure a smooth accession process, the European Central Bank has proposed a draft of a Road map that outlines the basic stages of the process until Bulgaria joins the ERM2 Mechanism.  

In the past two decades Bulgaria has achieved positive results in its fiscal stability after the introduction of the currency board and our country has met the financial requirements for joining the European exchange rate mechanism, it emerged at the meeting. We are aware that the European Central Bank and the member states should decide whether Bulgaria will join the European exchange rate mechanism. However, in domestic terms, we should take action to increase income, Rumen Radev said.

President Radev and European Commissioner Dombrovskis discussed the necessary steps to ensure that our country enters the European exchange rate mechanism, and also the European Bank Union and the so called Close Cooperation Mechanism in particular. “The European Commission does not make the decision what countries enter the Eurozone. However, we can support the countries’ efforts to this end,” the guest said.