Young people nominated by member organisations of the Economic and Social Council participated in a mock plenary session of the Council. The discussion “What will be the impact of Bulgaria’s entry into the euro area on young people?” focused on key aspects such as education, income and job opportunities. The event focused on the prospects for them when the euro is introduced in Bulgaria and ESC celebrated Europe Day with it.
Young people had the opportunity to give their opinion, ask questions on the topic to members of ESC, representatives of institutions and leading experts and enter into a discussion similar to a session on ESC, in which the three groups – employers, trade unions and civil society organisations – reach consensus on important economic and social issues.
The event is part of the Communication Campaign for the introduction of the euro in the Republic of Bulgaria.
The discussion panel was attended by the Board of Directors and members of ESC and official guests. Among them were Deputy Minister of Finance Metodi Metodiev, BNB Deputy Governor Petar Chobanov and CPC Chairman Maria Filipova. The representatives of the institutions underlined the fruitful work of ESC on euro area related topics and congratulated the Council for the timely and interesting format of the discussion.
During the discussion, various questions were asked about the need for measures to increase financial literacy among young people, for greater engagement in the processes and efforts to build trust in the institutions and the European Union.
“For ESC, which expresses the common position of Bulgarian business, trade unions and civil society organisations, the eurozone issue has always been a priority. This is the last step we need to take to become full members of all functioning EU mechanisms and in the decision-making part. With its acts, but also with the personal contribution of each of its members, ESC has fully supported the government’s efforts in this direction. This is the reason why we actively participate in the communication campaign to promote the euro area,” said Zornitsa Rusinova, Chairperson of ESC. She urged young people to be active in terms of informing about the positive effect for the country of the upcoming process, as well as to support the elderly, for whom a seemingly easy task like exchanging money would be a challenge.
“Workers are for the euro. We believe that the benefits of joining the euro area are along many lines – for example income growth, credit rating upgrading, restructuring of higher value-added sectors and many others. For example, the nominal wage growth in Latvia is 80%, in Estonia it is 110% and in Lithuania it is 120%,” said Plamen Dimitrov, deputy chairman of ESC from the trade union group. According to him, the communication campaign should ensure that vulnerable groups such as the elderly and the population in remote places are not manipulated and misled.
Let us be sceptical but not cowardly, urged the deputy chairman of ESC from the group of civil society organisations Bogomil Nikolov.
“Countries that have already joined the euro area, such as Lithuania, Latvia, Estonia, have seen an increase in support for this process according to data from 2024. I am confident that the level of support in Bulgaria will also increase. There is no country in which citizens will regret having taken this step. There are difficulties and speculations everywhere, but the point is to resist them. The people must be the biggest watchdog and report irregularities’.
“Businesses in Bulgaria have been ready for the adoption of the euro for a long time, 52% of Bulgarian enterprises support it. There is nothing scary in this process and there is no reason for either businesses or citizens to worry. However, we need to explain what needs to be done before that”, said Stanislav Popdonchev, Chairman of the Economic Policy Committee and representing the Employers’ Group.
The ideas generated and the authentic youth perspective will enrich the work of the Council in its upcoming activities related to the topic of Bulgaria’s accession to the euro area. They will provide both concrete proposals for action in communication and a broader context for understanding the impact on the young generation.
