EU Commissioner Valdis Dombrovskis: Eurozone Becomes Stronger with Bulgaria's Membership

Immediately following the unanimous approval by EU Finance Ministers confirming Bulgaria’s accession to the Eurozone, European Commissioner for Economy and Productivity, Valdis Dombrovskis, said:

“Let me begin with historic news for Bulgaria – ECOFIN has officially approved Bulgaria’s entry as the 21st member of the euro area, marking the conclusion of the legislative process. We will hold a special ceremony after this press conference to commemorate the occasion.

He emphasised:

“Joining the eurozone is about much more than simply replacing the lev with the euro. It’s about building a brighter and more prosperous future for Bulgaria and its citizens at the heart of Europe. The euro brings opportunities, investments, jobs, and economic growth – benefits seen in every country that has joined the euro area. And the same will happen in Bulgaria.”

Dombrovskis congratulated Bulgaria on becoming the 21st member of the euro area:

"The euro area becomes stronger with Bulgaria’s membership, and Bulgaria becomes stronger by joining the euro area. Special congratulations to Minister Petkova and the Bulgarian authorities for bringing this process to a successful conclusion. Today marks an important symbolic milestone for Bulgaria. Joining the eurozone reduces uncertainty, improves credit ratings, and helps lower interest rates — all of which facilitate investment, job creation, and economic growth.This is full integration into the European single market, and as a result, Bulgaria will become more competitive."

According to him, in the longer term, this means a more flexible and resilient economy and more stable prices. The focus now should be on the practical steps of the transition. Bulgaria should continue to implement reforms — to remain disciplined and maintain the pace of reforms in order to reap the full benefits of euro area membership, added Dombrovskis.

The Commissioner assured that joining the eurozone does not have a long-term impact on prices. In the short term, there may be a slight increase, but things normalize afterwards.

"My personal experience from Latvia and the transition to the euro showed concerns about rising inflation, but those concerns did not materialize. That did not happen, and now public support for the euro in Latvia is high."