PM, Finance Minister & BNB Governor on Bulgaria’s entry in eurozone waiting room

The Prime Minister Boyko Borissov, the Minister of Finance Vladislav Goranov and the Governor of the Bulgarian National Bank (BNB) Dimitar Radev gave a briefing on the admission of Bulgaria into ERM II mechanism.

This is a historic act that will be of great importance for the future of Bulgaria, said BNB Governor Dimitar Radev on the occasion of Bulgaria's entry into the eurozone waiting room. According to him, this gives Bulgaria weight in the financial sphere, which exceeds the size of our economy and territory.

He stressed the political contribution to the process of making important decisions and that of the Prime Minister at the highest level.

According to Finance Minister Vladislav Goranov, the accession of the Bulgarian lev to ERM II equates to the country’s joining NATO and the EU, and the next logical step is the accession to the euro. The path we have taken since 2018 and the hard work we have done gives us hope that we are in the right direction. The integration of our country in the eurozone connects the economies of the participating countries, this will practically give us the opportunity to participate in the second largest currency in the world, Goranov said.

The requirements are for reforms that will lead us to better economic development, and today I would like to say that when the Bulgarian society and institutions unite around a certain goal, it can be successful, added the Minister of Finance.

Borissov assessed today's decision as a guaranteed lev for the future, at the fixed exchange rate promised to Parliament - BGN 1.95583 for 1 euro.

A severe economic crisis is looming. According to him, it will be difficult at the end of this and the beginning of next year, but he expressed hope that from next year we will start to increase economic growth.

He expressed regret that the President was not at the table, sitting together with him and the BNB governor on the day Bulgaria joined the eurozone waiting room.

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