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SOFIA – The new Bulgarian Prime Minister Rosen Zhelyazkov stated in his first speech to parliament that the main priority of the cabinet is the quality of life of people with a focus on education, healthcare, and labor market development. Zhelyazkov added success in Bulgaria’s efforts to join the eurozone, coordinated active efforts to expand the European space with the Western Balkans, ensuring energy security and national security through modernization of the Bulgarian army and enhancing defense capabilities.
We will make every effort for Bulgaria to have stable public finances again, said Finance Minister Temenuzhka Petkova upon taking office, as quoted by the Ministry of Finance. During the handing over of the post, the outgoing Deputy Prime Minister and Finance Minister Lyudmila Petkova noted that for 2024, the country had completed the budget with a deficit of 3%, which fulfills one of the criteria for eurozone membership. “Regarding the price stability criterion, we expect the official inflation data to submit a request for extraordinary convergence reports to the European Commission (EC) and the European Central Bank (ECB). Maybe by the end of January, it is good for the country to submit this request, and these are the negotiations held with the EC and the ECB. They expect exactly this from us,” said Lyudmila Petkova.
We expect to be announced soon that we meet the last criterion for our acceptance into the eurozone – price stability, said Acting Prime Minister Dimitar Glavchev at the ceremony of handing over and taking over power at the Council of Ministers. Glavchev recalled that Bulgaria has a date and assurance given in the summer of 2024 that by the end of this year, the process of the country’s acceptance into the eurozone will be completed.
Bulgaria does not meet only the criterion of price stability to become a member of the eurozone, but the country is very close to fulfilling the inflation criterion for joining the eurozone, according to an analysis by the “United Bulgarian Bank” (UBB). According to the bank’s chief economist, Dr. Emil Kalchev, who analyzed the inflation data as of November, Bulgaria could meet the price stability criterion at the beginning of this year.
The law on the introduction of the euro in Bulgaria was finally adopted in August last year. The specific date for the introduction of the euro and the official exchange rate of the lev to the euro should be determined by the European Union Council with a unanimous decision of Bulgaria and the eurozone countries. (16-17 January)