ECB Reaffirms Support for Bulgaria’s Eurozone Accession Amid Positive Economic Progress
Brussels, The Gulf Observer: During a recent hearing at the Committee on Economic and Monetary Affairs (ECON), Member of the European Parliament (MEP) Tsvetelina Penkova raised crucial questions regarding Bulgaria’s accession to the euro area. She sought clarity on how the European Central Bank (ECB) intends to support the country throughout the transition, specifically highlighting Bulgaria’s currency board as a foundation for smoother integration into the eurozone.
Addressing Penkova’s concerns, ECB President Christine Lagarde expressed optimism and affirmed the ECB’s unwavering support for Bulgaria’s entry into the euro area. She commended Bulgaria’s progress, particularly in economic stability and efforts to combat money laundering—key factors propelling the country’s advancement. Lagarde assured that the forthcoming convergence report would provide a comprehensive overview and that the ECB would extend all necessary technical support during the transition.
Penkova acknowledged the positive impact of Bulgaria’s economic reforms, noting that recent data from Eurostat confirmed the country’s inflation currently meets the price stability criterion, a major milestone for euro adoption. She credited the progress partly to the proactive efforts of Bulgarian MEPs, including her own active role in advancing the nation’s integration.
Furthermore, Penkova stressed the importance of maintaining transparent communication strategies to inform Bulgarian citizens about the euro adoption process and the changes ahead. She emphasized that robust regulatory frameworks and effective implementation of control measures would be pivotal for successful integration into the eurozone.
The positive momentum around Bulgaria’s eurozone accession continues to build, with eurozone countries acknowledging the progress made so far. With the ECB’s strong backing and Bulgaria’s ongoing institutional efforts, the country is confidently moving towards adopting the euro.
