Bulgaria is looking towards January 1, 2026, when our country should become part of the eurozone. In a conversation for the program “This Morning“ former prime minister (2005-2009) Sergey Stanishev recalls the atmosphere surrounding our accession to the European Union in 2007 and outlines the risks and hopes surrounding the introduction of the euro today.
Stanishev said that from the first hours of January 1, 2007, he remembers “the excitement of the dream of an entire generation coming true“, the celebrations in the center of Sofia, but also the first disappointments. Just days after the holidays, discontent erupted over excise taxes on domestic brandy - the first signal that European rules bring not only opportunities, but also challenges.
The former prime minister emphasized that membership in the EU and the eurozone is not an “automatic mechanism for prosperity“.
According to him, Bulgaria must clearly see its competitive advantages, which are changing - low wages are no longer a factor, and the business climate is affected by unpredictability in management decisions.
According to him, the transition from a currency board to the euro should be smooth, but he recalled that the devil is in the details. Stanishev expressed concern about inflationary expectations, which are already reflected in prices, as well as expanded budget spending, which are further stimulating inflation. He also warned of the tendency to buy political support through generous spending, which leads to permanent budget deficits and burdening future generations.
According to him, the main concern of the people - the price increase after the currency changeover - must be contained, since there are no economic reasons for high inflation. His call is to stop speculative price increases.
The former prime minister assessed as positive the fact that the government is starting a more active information campaign, albeit with a delay.
As a practical warning for the first hours after the currency changeover, he recalled that on New Year's Eve, ATMs will not work, so people should have enough cash.
“I am expecting January 1, 2026 with alarming optimism“, Stanishev summarized. He is confident that adopting the euro is the right direction, but warned that success depends entirely on how Bulgaria manages the transition.