On January 1, 2026, my heart will beat with you, Bulgaria. Then I will also celebrate my 70th anniversary and this day will be very special for me. I will take Bulgarian wine to congratulate each other. This was stated by the President of the European Central Bank Christine Lagarde during the high-level conference on our entry into the eurozone, Nova TV reported.
„Bulgaria has come a long way to adopting the euro. A lot of work has been done, many reforms have been made so that all the criteria that apply to every member of the eurozone are met. This is a huge step, but it is also the beginning of the journey, not the final goal. It is clear that reforms must continue and I know that this will happen, despite the difficulties”, said Lagarde.
The ECB President explained that the real benefits of adopting the euro are prosperity and security.
► Prosperity
Lagarde explained why adopting the single currency means prosperity for the country.
„Over the last decade, Bulgaria's gross domestic product has increased from 1/3 to 2/3. This is happening thanks to serious integration into the European economy and the eurozone. 65% of Bulgaria's exports go to the European Union. 45% of it is in the eurozone”, she commented.
„For Bulgarian companies, regardless of whether they are large corporations or small and medium-sized enterprises, there will be no cost for converting the currency. Medium and small enterprises will save 1 billion euros per year in exchange costs”, added Lagarde.
She was categorical: “The door to the European capital markets is opening wide for Bulgaria. Although we do not yet have a single capital market, you will have a say at the table to make this union happen”.
Lagarde also said that companies will have lower financing costs, which is a fundamental basis for long-term investments. These benefits are reflected in Bulgaria's credit ratings, which are getting better, and this means a lower cost of loans. On this basis, Bulgarian companies can continue to invest, added Lagarde.
► Security
About the second benefit - security, Lagarde explained: “We live in an increasingly unstable world, with constant tremors from outside. For any small and open economy, including Bulgaria, where nearly half of jobs depend on foreign demand, this exposure to external shocks can seriously affect Bulgaria. The currency board has long since eliminated fluctuations in the euro-lev exchange rate. And although strong, this protection cannot be considered impenetrable. Membership in the eurozone can help protect Bulgarian companies in Europe more and increase European competitiveness globally.
The ECP chairman also pointed out that 83% of what enters Bulgaria as imports is in euros, “which will soon be your currency”. She added that this is a buffer for households and companies from price increases.
“Furthermore, when demand increases, the single currency protects our domestic markets from depreciation”, she added.
Lagarde gave an example - during the financial crisis, the euro depreciated against the US dollar, but precisely because of the eurozone, the single market remained solid and unified.
Lagarde also commented on Bulgarians' fears that the country would lose national monetary policy and lose control over its destiny. However, she pointed out that “joining the eurozone is not a loss, but an addition of sovereignty”. The ECB President was adamant that the voice of BNB Governor Dimitar Radev would be heard and respected.
Lagarde also said that the Bulgarian economy is deeply integrated with the European supply chain and the business cycle is in step with the eurozone.
“The government must ensure that the law is respected and strictly monitored, down to the last cent, when converting leva into euros”, she said. She also called on consumers to watch out for unregulated prices.