US EditionBulgaria prepares for the euro amid excitement and scepticism
Bulgaria becomes the eurozone's 21st member amid mixed public opinion and political instability, with businesses expecting to save €500 million in exchange fees, experts say.
- On Thursday, Bulgaria will adopt the euro as the 21st member of the single currency area, with Georgi Angelov saying it will finally join euro decision-making bodies.
- Long ago, Bulgaria pegged its currency to the German mark and then to the euro, increasing reliance on the European Central Bank, while successive governments pushed eurozone membership, joining the 'waiting room' in 2020.
- SMEs may benefit directly, saving 500 million euros in exchange fees, while the tourism sector, generating eight percent of GDP this year, also stands to gain, ECB president Christine Lagarde said last month.
- Consumers warn the changeover could push prices higher amid inflation, with protests led by far-right and pro-Russia parties, and November food prices up according to the National Statistical Institute.
- Angelov warned stability is needed for at least one to two years, linking governance to benefits, and analysts warned political uncertainty could delay anti-corruption reforms, while Bulgarian Parliament this year adopted empowered oversight bodies to investigate price hikes.
115 Articles
115 Articles
DECRYPTAGE - The Balkan country, which is famous for its endemic corruption, is adopting the single currency in an electric atmosphere, becoming the 21st member of the euro area.
Bulgaria will introduce the euro at the turn of the year – under complicated circumstances. The government resigned following mass protests, and the country is the poorest in the EU. However, it meets the euro accession criteria. By Oliver Soos.
20 of the 27 member states of the EU have the euro as their official currency. Now Bulgaria joins in. What this means.
Bulgaria enters the euro in the era with banks full of numbers, rising prices and suspicions related to money from the sub-terranean economy. From large and large deposits in expansion, the transition raises a growing number of questions. Article Three days before the euro is passed, Bulgaria takes out tenacres of left “from the jump”. The banks face an unprecedented flood once appeared in Romania TV.
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