According to BNB, the euro requires fiscal discipline and economic adaptation

By joining the eurozone, Bulgaria completes the institutional stage, but real convergence remains the more difficult and important process. This was what Dimitar Radev, Governor of the Bulgarian National Bank (BNB), said at a meeting with heads of diplomatic missions in Sofia, the BNB website reports.

According to Radev, sustainable convergence with the eurozone depends on productivity, competitiveness, the quality of institutions and the ability for growth with higher added value. “Bulgaria’s membership in the eurozone does not reduce the importance of these factors, but increases them, because a large part of the tensions we observe are structural, not cyclical,” the Governor emphasized. He pointed out that geopolitical tensions already have a direct impact on the economy and cannot be considered an external factor.

Editor: Ivo Ivanov