Nina Stoyanova: Participation in the euro area – the final stage of European integration

Speech by Ms Nina Stoyanova, Deputy Governor of the Bulgarian National Bank, at the Bulgarian School of Politics "Dimitry Panitza", Borovets, 2 July 2023. 

The views expressed in this speech are those of the speaker and not the view of the BIS.

Central bank speech  | 
05 September 2023

Dear Mr. Nachev,

Dear participants,

I thank the Bulgarian School of Politics "Dimitry Panitza" for the invitation to the Bulgarian National Bank (BNB). It is a great pleasure for me to be here today with you – the young leaders of Bulgaria – and to welcome the participants in the third course of the "Management Skills" National Program. Today's topic also gives rise to discussion, which I hope we will have, namely: Is the decision to adopt the euro political or economic? What are the requirements for its introduction?; What are the benefits our country could get?; as well as to comment on some of the more common criticisms.

Participation in the euro area – the final stage of European integration

Joining the euro area is a clear expression of a country's geopolitical orientation. It is a necessary and logical continuation of the participation in the European Union (EU), which Bulgaria joined more than 15 years ago. Then, all political forces were united around this cause, which led to the successful conclusion of the negotiations and the accession of our country to the EU on 1 January 2007.

European and democratic values have always found broad support in the Bulgarian society. There has never been any doubt that joining the EU was the right decision and that it brought many benefits to our country – both politically and economically. Today we are a full participant in all EU institutions and bodies, we are part of the decision-making process and our voice weighs as much as that of the other countries. The membership in EU has also brought us many economic advantages. Bulgaria is part of the EU single market. The freedom of movement of people, goods and capital, as well as the harmonised legal framework of the Member States in the most important areas for economic life, contribute to economic growth, convergence and integration.