There is a lot of hard work ahead after our accession to the eurozone. July 8 will be a memorable day for us. Many systems in the financial sector and the economy are to be adjusted. This was stated by Lyubomir Karimanski from the BNB Governing Council in the program “From the Day” on BNT.
The BNB has prepared a fairly clear plan for the exchange of levs for euros. We have a scenario between the banks on how exactly things will move, he assured.
What is missing and needs to be done is to have clear policies in the government and those in power. We need to look for the connections between the processes that need to be implemented through the individual policies of the government and everything that is reflected in the budget, so that we can take advantage of the opportunities of the eurozone. Otherwise, we have an instrument that we keep aside and do not want to use. There is no policy that is seriously committed to how the resources in the country will be used effectively, explained Karimanski.
Investors are attracted with many transformations and reforms. If we cannot transform our security from the point of view of the justice system, from the point of view of ensuring that their investments will be secure, to provide them with resources, infrastructure - this is currently seriously lacking, because we cannot absorb the funds that are provided for in the capital program of the budget. This currently affects the use of the eurozone as an instrument, he pointed out.
It is important to maintain our financial discipline. This is necessary in terms of three pillars: it is imperative to have effective and efficient resources that we can use and turn them over through the expenditure side of the budget, secondly, healthy public finances - when we have economic growth, we must have other buffers, not capital expenditures, and thirdly - to be ready from the resource level to go through the level of spending.
The Governor of the BNB will participate in decision-making in the ECB. He will have the right to vote. Here the most important thing will be to convince others of our thesis or our monetary policy.
It is very important to know that from 1.01.2026 the board will no longer exist. That is, we will begin to exercise monetary policy and will have the right and tools for actions from the point of view of monetary policy.