„The Bulgarian lev throughout its 145-year history has been an independent currency for about 25 years, untied from any system, and these were the worst years for the economy and for citizens' incomes“.
This was said in an interview for the program „120 minutes“ by Ivaylo Kalfin, former Minister of Social Affairs, social policy expert and former member of the European Parliament on the occasion of the rejection of the lev and the adoption of the euro.
„The Bulgarian lev, unfortunately, is a weak currency. Since 1998, we have been in a currency board and the lev is entirely dependent on the euro. I have many reasons to be proud of being Bulgarian, but the Bulgarian currency is not among them“, added Kalfin.
According to him, there are great chances that we will be accepted into the eurozone, but the decision has not been made.
„The political situation is favorable – Europe at the moment, especially with what is happening in the USA, is looking for more consolidation. For me, membership in the eurozone and the adoption of the euro is more of an economic process. Bulgaria will be interested when there is average productivity and when our incomes are at average levels in the eurozone“, the former MEP also commented.
According to him, if Bulgaria enters the eurozone from January 2026, the effects will be rather long-term.
„And the policies of catching up on incomes and productivity should have started much earlier, but they must be immediate“.
As a former social minister, he also commented on the latest proposals for changes in the pension system.
According to him, an increase in pension contributions can be discussed when the National Social Security Institute (NSI) starts collecting its revenues.
Kalfin cited a report by the Economic and Social Council, which states that 1/3 of the revenues from contributions are not collected. The reasons – people work in the grey sector or are massively insured on a minimum wage and receive more money in other ways.
„First I would try to get this 1/3 of uncollected revenues into the budget before increasing the pension contribution. Otherwise it is not fair, the system is demotivating – you burden those who pay“, explained Ivaylo Kalfin.