Assoc. Milena Angelova, Vice-President of the Economic and Social Council, commented on the myths and facts about the euro area, stressing that the Council has developed and adopted a number of acts that point out the pros of Bulgaria’s accession. “If we are accepted, we will bring financial stability and the economy will be freed from liquidity due to the removal of the obligation to maintain certain guarantees. An often circulated myth is that joining the euro area will lead to impoverishment. We can compare it with the Baltic countries, which have already seen wage growth of 80-100% in the period of 6-7 years since the introduction of the single European currency,” Assoc. Angelova.
Another myth that the vice-president of the ESC refuted is the rise in interest rates. “And in fact we can expect a reduction in long-term rates, which will encourage consumption and improve the conditions for both living and doing business,” she said. According to the AICB secretary general, the fact that transaction costs will be eliminated will also lead to savings of BGN 1 billion.
“Bulgaria’s credit rating will also rise in euros, which foreign investors will not ignore. Fiscal discipline will also be tightened, which is also a plus.”
The adoption of the euro will make things easier and more convenient and will provide resources to boost competitiveness and support small and medium-sized businesses, the ESC vice-president further said.
