Bulgaria's Fiscal Council: The transition to the euro is proceeding smoothly

Bulgaria is comparable to the euro area countries that have carried out an organized and efficient process of replacing their national currency. This is stated by the Fiscal Council in the analysis “The Euro in Bulgaria: a Smooth and Successful Transition,” the Council announced.

It is noted that the exchange of banknotes and coins is proceeding according to plan. The transition to the euro is taking place calmly and in an organized way. The overall picture indicates a high degree of institutional readiness and effective management of the process, according to the conclusion of the Fiscal Council.

In an analysis, the newspaper Financial Times points out that after the introduction of a currency board in the country in 1997, Sofia has not had an independent monetary policy. Therefore, adopting the euro does not mean a loss of sovereignty, but rather gaining a voice in decision-making that affects Bulgaria.

Edited by Ivo Ivanov
English version: R. Petkova