„As Prime Minister of Latvia, I worked on the introduction of the euro against the backdrop of the financial crisis. At the time, many voices questioned this decision. Why should Latvia join the eurozone, which was in turmoil? Looking back, we can say with certainty that the euro brought many benefits to my country and significantly improved the everyday life of its citizens.
This was announced by European Commissioner for Economy and Productivity, Performance and Simplification Valdis Dombrovskis.
Given the geopolitical situation in the region and Russia's war against Ukraine, the euro acts as a shield not only in Latvia, but also in the other two Baltic states - Lithuania and Estonia. Our savings are safe, our currency is stable, and our countries have shown resilience in the face of one economic shock after another.
Our economies and businesses have benefited from the elimination of currency exchange costs, increased price transparency, access to cheaper financing, and greater interest from international investors. These factors, taken together, have contributed to the prosperity of the people of the Baltic States.
And this is not just my opinion - when people see the benefits of the euro in their daily lives, the European currency becomes even more popular. For example, in January 2014, when Latvia joined the euro, only 55% supported it, while now it enjoys overwhelming support - 83% of those surveyed in April 2025. Latvians expressed a positive opinion of the euro.
If the euro changeover in Bulgaria is approved by the eurozone countries, it will require a national effort. It will require clear communication and strong coordination between the government, the private sector, banks, civil society and the people. Ensuring price transparency and combating unfair price increases will require a tremendous effort.
Previous practices and data from other eurozone countries show that this is entirely achievable, and price increases as a result of the euro changeover have previously been minimal. Joining the eurozone is the best investment Bulgaria can make in its future. The country will be stronger after the changeover. And the euro will continue to bring benefits for decades to come.“