The Vice President: Joining the Eurozone is a process that requires trust

Bulgaria strives to fulfill the Maastricht criteria, but it is time for them to be reconsidered, Iliana Yotova pointed out

Industry / Finance
3E news
1096
article picture alt description

Bulgaria's membership in the Eurozone is a strategic national goal and it is not a slogan. The adoption of the single currency will contribute to our further European integration, together with our admission to Schengen. Eurozone means security, economic development, standard of living. Joining the Eurozone is a process based primarily on trust. And the most beautiful policies are worthless if they are not supported by the citizens. They are further eroded when the topic is used for one's own political survival and staying in power. This was stated by Vice President Iliyana Yotova at the opening of the international conference "The Future of the Euro and the Future of Bulgaria in the Eurozone". The conference kicked off the meeting of the General Assembly of the European League for Economic Cooperation. The forum, which is held under the patronage of the vice president, is attended by the presidents of the national committees of the countries, part of the organization, as well as representatives of institutions and the financial sector.

In his speech, the vice president pointed out that Bulgaria has the technical and logistical readiness to join the Eurozone and congratulated the Bulgarian National Bank on its active activities. According to Yotova, there is still a great hunger among Bulgarian society for more information, expert analyzes and forecasts for the adoption of the euro. "The Bulgarian citizen must be convinced that our country will fit into the Eurozone in the best possible way and will not allow the standard of living to be lowered during this process. With reliable and widely available information, the institutions must overcome the fears of the Bulgarian citizens about the adoption of the euro", the vice president pointed out, giving an example of the most common fears - a decrease in incomes, an increase in inflation, swirling speculation.

Iliana Yotova emphasizes the danger of double standards in the case of Bulgaria's admission to the Eurozone. "We will not allow double standards as when we were admitted to Schengen - if technical criteria are met, for political reasons we will not be admitted to the countries with a single currency. I am afraid that because of the rise of far-right parties, some governments will be afraid to give the green light to our admission. This will lead to a new great disappointment not only among Bulgarian citizens, but among all Europeans," the vice president stressed.

"At a time of delayed but necessary reforms in the Eurozone, Bulgaria must be among the core of countries in the European Union, have its rightful place among the countries with a single currency and actively participate with its ideas and proposals for the development of the common monetary policy, for future European programs and funding mechanisms, for priorities and crisis responses. It has been said for years that reforms are needed to stabilize the euro and strengthen its role at the world level," Yotova pointed out and noted that it is time to re-evaluate the Maastricht criteria, which would be more flexible in relation to the changed geopolitical realities. "Is the Stability and Growth Pact, which stipulates the 3% deficit obligation, fulfilling its role?" Especially since the regime of sanctions in case of non-performance did not work. Is this financial discipline a condition for recovery during a crisis or in a calm financial environment? We remember the crisis of 2008, which showed significant flaws that led to economic stagnation, poverty and social exclusion, political consequences," the vice president said.

The European League for Economic Cooperation was established in 1946 with the status of an official consultative member of the Council of Europe as well as the United Nations Economic Commission for Europe. With its expert analyzes and reports, the league has an active role in the formation of European policies.

Tags:

Comments

More from Finance:

Предишна
Следваща