"The euro is "not just a currency but a strategic choice" that strengthens Bulgaria's position in Europe, Bulgarian Prime Minister Rosen Zhelyazkov said at a high-level conference in the Bulgarian capital, Sofia, in November. At the same event, Christine Lagarde, president of the European Central Bank, said the euro adoption "bolsters Bulgaria's economic foundations, builds its resilience against global shocks and amplifies its voice in euro area decision-making.""
"'Supporters of Bulgaria's entry into the eurozone point out the fact that by joining the 'club of the rich,' the country will benefit and will achieve significant progress,' Rossitsa Rangelova, professor at the Bulgarian Academy of Sciences' Economic Research Institute, told DW."
"'Things are presented as if Bulgaria will automatically increase its standard of living and prosperity, but it is not justified how this will happen given the need for mandatory and postponed reforms, without which our country would not be an equal participant,' she added."
Bulgaria will adopt the euro on January 1, 2026, becoming the 21st member of the eurozone. The country entered the European Union in 2007 and will reduce the number of EU states outside the currency union to six: Sweden, Poland, the Czech Republic, Hungary, Romania and Denmark. Bulgarian leaders portray the euro as a strategic move to strengthen the country's European position and economic resilience. Some experts caution that euro adoption will not automatically raise living standards without mandatory and postponed reforms. The lev has been pegged to the euro since 1999, with formal accession steps beginning in 2018 and ERM inclusion in July 2020.
Read at www.dw.com
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