BULGARIA’S PM: THE INTRODUCTION OF THE EURO IS NOT A QUESTION OF WHETHER WE WANT OR NOT

The introduction of the euro is not a question of whether we want or not. In the EU Accession Treaty we have undertaken a commitment to introduce it, Bulgaria’s Prime Minister Boyko Borissov commented while speaking to journalists in Parliament on 1st of July.

He explained that Bulgaria had not introduced the euro as currency yet as there were many additional requirements related to the issue and currently it was possible for the country to delay adopting it.

The PM was asked to comment publications in foreign media according to which after the UK’s referendum, the European Commission President Jean-Claude Juncker had plans for accelerated adoption of the euro as a currency in all EU member states.

PM Borissov said that this topic was not raised during talks he had with Jean-Claude Juncker and added it would be most likely discussed at Ecofin meetings by finance ministers and central bank governors. “There is a long procedure before this topic reaches us,” he said.

Borissov noted that the previous government of GERB and the then finance minister Simeon Dyankov wanted Bulgaria to join ERM II, the Eurozone waiting room.

He has pointed out that given the low budget deficit, the stability of the banks, the currency board, the huge fiscal reserve of more than 11,5 million BGN, the low amount of debt, we have the opportunity to join in all criteria at the moment, but will make it as late as possible.

He noted that through the currency board Bulgaria had fixed exchange rate between the national currency and the reserve currency - it pegged the exchange rate of the BGN to the euro. “It is known that for one euro you get two BGN and this gives peace of mind to investors and businesses,” he said

In his words, there is nothing tragic in switching to the euro. “Just the contrary, the more unified Europe wants to be, it is normal at some point we all to have a single European currency, Borissov remarked.