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BRUSSELS/SOFIA – The Eurogroup congratulates the Bulgarian authorities on the smooth process of introducing the euro, said the president of the group of euro area countries Kyriakos Pierrakakis at a press conference after the first meeting of the year of the finance ministers of the countries that have adopted the common European currency.
This was a historic moment for Bulgaria, which on January 1 became the newest country in the euro area, he added. The President of the Eurogroup noted that he had received from the caretaker Minister of Finance Temenuzhka Petkova a set of Bulgarian euro coins. Petkova represented Bulgaria for the first time as a full member of the Eurogroup at its regular meeting, held in the Belgian capital, after the country’s accession to the euro area.
The European Commissioner for Economic Affairs Valdis Dombrovskis said that the year is starting well and the introduction of the euro in Bulgaria marks a historic moment for the country, for the euro area and for the EU. This was the end of a difficult and long preparation and is the beginning of a new page full of opportunities, he added. The transition to the euro is a complex process. We welcome the smooth transition from the lev to the euro; this is due to the extensive technical preparation and the information campaign undertaken by the Bulgarian authorities, the Commissioner said.
The caretaker Minister of Finance Temenuzhka Petkova said, quoted by the ministry’s press office, that through nearly two thousand information events and meetings for different target groups across the country, the level of awareness of the process of Bulgaria’s accession to the euro area has reached about 80%, and public support for the euro now consistently exceeds the share of opponents of the single currency. According to Petkova, Bulgaria’s transition to the single European currency is proceeding successfully, and all key systems are functioning normally – cash circulation is ensured, payments are being made without interruption, payment systems are operating stably, and the administration, businesses and citizens are adapting without significant difficulties.
Among the current priorities of state institutions, the caretaker finance minister highlighted consumer protection. Dual price display will continue until August 2026, and the period of dual circulation of the lev and the euro lasts until the end of January. According to data presented at the meeting, at the moment over 4.3 billion euro have been put into circulation, and nearly 60 percent of the levs in circulation have already been withdrawn. (19 January)