Government Establishes Coordination and Oversight Mechanism for Euro Adoption in Bulgaria

The government is establishing a Coordination Mechanism for Monitoring and Control in connection with Bulgaria’s adoption of the euro, as an additional safeguard to ensure a smooth transition to the single European currency. This was announced by the press office of the Council of Ministers on June 4.

The mechanism will establish a framework for enhanced and more effective coordination between the government and the relevant supervisory and regulatory authorities overseeing the euro adoption process. The goals include improving implementation, ensuring effective price monitoring before and after the euro’s introduction, and increasing public awareness of the transition.

In addition, the mechanism aims to enable the timely identification of potential unfair commercial practices — such as incorrect currency conversions from leva to euros or unjustified price increases for goods and services — and to ensure the application of legal sanctions against offenders.

The mechanism will be headed by the Prime Minister and will include the Ministers of Finance, Interior, and Economy and Industry, as well as the heads of the Bulgarian National Bank, the State Agency for National Security, the Commission for Consumer Protection, the National Revenue Agency, and the Customs Agency. The Prime Minister, in their role as head of the mechanism, may also invite the heads of the National Statistical Institute and the Commission on Protection of Competition, along with representatives of other relevant institutions if needed. Deputy Prime Ministers may also take part in meetings.

The Council of Ministers has also approved a draft memorandum of cooperation with employer organizations, trade unions, and industry associations concerning consumer protection during the euro adoption process. The memorandum aims to prevent unfair commercial practices and unjustified price increases during the transition. Its goal is to establish a sustainable framework for partnership, cooperation, and coordinated action during the preparation and implementation of euro adoption in Bulgaria — all in the interest of economic stability, predictability, and public trust.

Signing the memorandum will reflect a spirit of goodwill and cooperative partnership between stakeholders, aimed at strengthening public confidence in the transition to the euro and encouraging the adoption of good business practices, the government’s press office stated.