Ahead of the Convergence Report: What Bulgaria Stands to Gain from Adopting the Euro?

Bulgaria’s entry into the eurozone is expected to save citizens and businesses over BGN 1 billion annually by eliminating currency conversion costs, particularly in foreign trade transactions. Macroeconomic stability will increase, as will investor confidence in our country.

These are just some of the numerous benefits outlined for Bulgaria with the adoption of the euro. A total of 50 positive impacts of introducing the single European currency—affecting municipalities, households, businesses, and the state—were discussed at a forum in Ruse, which was artended by former President Petar Stoyanov (President of Bulgaria from 1997-2002) and leading financial experts from across the country.

Petar Stoyanov said that public fears surrounding the adoption of the euro are largely fueled by external factors such as the tense trade relations between the U.S. and Europe and the ongoing war in Ukraine. However, he emphasised that the standard of living in Bulgaria will not decline due to the adoption of the euro.

“Our quality of life and economic indicators will be significantly improved. And if setbacks occur, they won’t be because of the euro—they’ll be due to our own administrative inefficiencies, the lack of serious investment in infrastructure, or the corruption that affects all levels of government. These are our own problems—the euro is not to blame,” Stoyanov stated.

According to economists, Bulgaria’s GDP is expected to grow by 7 to 10% within five years of joining the eurozone. The tourism and transport sectors, along with export-oriented businesses, are set to benefit the most. Structural changes in the labor market could increase productivity by up to 6% annually, leading to wage growth without inflationary pressure.

“Within five years, the net impact on household income will range from €50,000 to €75,000. Put simply, adopting the euro gives Bulgaria a green card to stand alongside the wealthy nations of Europe and actively participate in shaping the future of a united Europe,” said Professor Dr. Andrey Zahariev, economist.

At the business forum in Ruse, President Petar Stoyanov was honoured with the region's highest distinction for his lifelong contribution to the consolidation of democratic institutions in Bulgaria since 1989.