Eurogroup President: I am strongly convinced: Bulgaria is to join the Euro area in 2025


“I am strongly convinced that Bulgaria will join the Euro area in 2025. The question is when your country will introduce the Euro as its currency, and not if.” This is what the President of the Eurogroup Paschal Donohoe said at the news conference after his meeting with Prime Minister Acad. Nikolai Denkov, Deputy Prime Minister Mariya Gabriel and Finance Minister Assen Vassilev.


Paschal Donohoe highly appreciated the country’s effort to make progress towards the Euro area and praised the government for its aspiration to reduce inflation. “The next stage of Bulgaria’s economic path is to join the Euro area. The Euro offers multiple opportunities for prosperity and security,” Paschal Donohoe said firmly. He drew attention to the benefits that Bulgaria will reap after its accession and noted that the standard of living and the levels of income will be better and the prospects for development will be more positive. “I am convinced that Bulgaria’s entrance into the Eurozone will bring more opportunities, better jobs and higher growth and stability of the economy,” Paschal Donohoe said further.


Prime Minister Nikolai Denkov stated that in recent months negotiations have been actively conducted with Paschal Donohoe about Bulgaria’s movement to the Euro area and that at the meeting they discussed, inter alia, Ireland’s successful experience in economic development after its accession to the Euro area. “Ireland is a remarkable country in this regard. It started from a very low level as the poorest country at that time within the EU and in a very short period of time, owing to its correct policy of attracting investment and benefiting from the opportunities that the Euro gives, today it is one of the most developed countries in the EU,” Acad. Nikolai Denkov said.


Deputy Prime Minister and Minister of Foreign Affairs Mariya Gabriel emphasized that the enlargement of the Euro area will send a positive message to the Eastern European countries and, moreover, will send it at a time of geopolitical challenges. “We are convinced Bulgaria’s accession to the Euro area will have a positive impact on the stability of the banking system, and on citizens and businesses,” Mariya Gabriel said.


Finance Minister Assen Vassilev underscored the stability of the economy at present and attributed that to the Currency Board arrangement, which is pegged to the Euro. “For 27 years now the Bulgarian economy has been developing steadily; we have growth, we have no financial crises and all this is due to the fact that we are pegged to a stable world currency. It will be much better when we take part in making decisions about this world currency; this will be to the benefit of Bulgarian businesses, Bulgarian citizens and Bulgaria as a whole, Minister Assen Vassilev said further.