PM Zhelyazkov: We Are Optimistic About the Convergence Report on the Euro Area Accession

“We are optimistic about the convergence report, and once we receive a positive assessment, we will introduce a series of measures to ensure compliance with the principles of the law on the adoption of the euro,” Prime Minister Rosen Zhelyazkov told journalists on May 15.

He expressed his gratitude to the National Assembly for supporting the declaration submitted by him and the Governor of the Bulgarian National Bank, Dimitar Radev:

"Today 171 MPs signed our position. This is more than the qualified majority required for constitutional amendments and is greater than the majority that recently amended the Constitution. The pro-European majority in Parliament gives us reason to be optimistic that society has matured, and that all efforts since 1997, by every government — including the caretaker governments under President Radev — have consistently followed the path toward completing Bulgaria’s European integration.”

Zhelyazkov noted that the optimism regarding the convergence report stems from the positive evaluation of the medium-term fiscal structural programme, as well as favourable inflation data.

“I would like to extend special thanks to two individuals — first, Ivan Kostov, for initiating this process and for consistently demonstrating leadership as both a public figure and a politician over the years. And to Boyko Borissov — not only for adhering to this course throughout his three terms in office, but also for currently ensuring the support of the parliamentary majority.”

“The Bulgarian government knows what it is doing,” Zhelyazkov said. Once the convergence report is released, the authorities will announce a set of measures and reforms aimed at ensuring a smooth transition to the single European currency.

“We count on the Bulgarian business community, and we will introduce mechanisms that will ensure effective compliance with legislation and prevent price manipulation and speculative practices.”