Membership in the eurozone will make Bulgarian public finances, economy and trade more competitive. Better growth will be guaranteed, which means more income, greater purchasing power for people, a greater degree of approximation to European living standards. This was stated by Prime Minister Rosen Zhelyazkov at a briefing, which was also attended by European Commissioner for Economy and Productivity, Enforcement and Simplification Valdis Dombrovskis, European Commissioner for Start-ups, Research and Innovation Ekaterina Zaharieva and Minister of Finance Temenuzhka Petkova.
Joining the euro area is the best investment that Bulgaria is making for its future, the euro provides new opportunities for investment, jobs, growth, the euro acts as a shield in the current troubled times, pointed out European Commissioner Dombrovskis. In his words, the benefits of convergence are visible in the growth that our country's economy has recorded since the beginning of its membership in the European Union. Bulgaria and its people should be proud of this achievement, Dombrovskis emphasized. The European Commissioner also noted that despite the many challenges in the international arena, including the pandemic, the war in Ukraine and the energy crisis, our country maintains a stable course and fiscal discipline. We are convinced of Bulgaria's determination to complete the convergence process, I do not see and do not expect any problems that would reverse the decision in July, Commissioner Dombrovskis added.
During the press conference, extensive information was provided on the practical preparation for our country's membership in the eurozone. There is no connection between the implementation of the budget and the introduction of the euro, Prime Minister Rosen Zhelyazkov pointed out in response to journalistic questions and explained that the adoption of the euro does not require an update of the state budget. The Prime Minister also pointed out that from January 1, 2026, Bulgaria is not abandoning its national currency, but is joining the common European currency and our economy and finances are getting as close as possible to the European criteria for stability and sustainability.
The Prime Minister emphasized the measures taken by the government for control and transparency of all processes and for informing the public. He pointed to the Mechanism for Coordination of Monitoring and Control in Connection with the Introduction of the Euro, created by the Cabinet, as an additional guarantee for the smooth transition to the single European currency. The Council of Ministers also approved yesterday a draft memorandum of cooperation with employers', trade union and industry organizations and associations in connection with consumer protection in the process of introducing the euro, including the prevention of unfair trade practices and unjustified increases in the prices of goods and services. We are ready to prevent attempts to speculate on prices in their infancy, Prime Minister Rosen Zhelyazkov was categorical. He also added that a number of means of communication with the state have been provided, such as a hotline, so that signals of irregularities can be received in real time and an immediate response can be made. The Prime Minister also pointed out that the process of upgrading the measures by the state will be permanent, so that the benefits of the euro are not compromised at any time.
Zhelyazkov specifically noted that nothing requires citizens to rush to panic and exchange their money from levs to euros. Six months after January 1, they will be able to exchange in all credit institutions and Bulgarian post offices, and at the BNB the exchange will be carried out for an unlimited time. There is no reason for people to spend money right now, because the value of their money will be preserved, purchasing power will be guaranteed and the conversion into euros will be at the fixed rate, the Prime Minister added. Savings are guaranteed, the Prime Minister was categorical. According to him, the state will control price stability with all its mechanisms, and will also guarantee the security of people who will exchange their funds.
European Commissioner Ekaterina Zaharieva also confirmed the Commission's support for Bulgaria. According to her, our country's membership in the eurozone is one of the good news for future generations. Zaharieva expressed confidence that the upcoming active campaign will provide full and timely information to citizens.