The transition to the euro can be easy to make sure that the advantages are felt by all residents and companies, Bulgaria’s Performing Financial system Minister Petko Nikolov mentioned right now.
“It’s our major purpose and activity and we are going to work for it with dedication, each in the long run, throughout the tenure of the caretaker cupboard and afterwards”, he emphasised in his statements on the convention “Bulgaria within the Eurozone, When?”. The occasion is organized by the Affiliation of Honorary Consuls in Bulgaria, CFA Society Bulgaria and the Affiliation of Banks in Bulgaria.
Nikolov identified that the nation’s accession to essentially the most developed financial union on the planet will carry vital advantages, amongst others, from an financial and social standpoint.
Bulgaria’s strategic purpose is to satisfy the circumstances for becoming a member of the eurozone by the tip of 2024, after which it should introduce the euro because the nationwide forex subsequent yr, Minister Nikolov mentioned. He added that what must be finished is to keep up fiscal self-discipline and scale back inflation to ranges corresponding to the international locations with the bottom inflation within the eurozone. Assembly the inflation benchmark stays a problem for Bulgaria and efforts are wanted to attain it, he added.
Among the many advantages for the nation of becoming a member of the eurozone, Nikolov cited the rise within the nation’s creditworthiness, simpler entry to cheaper loans from worldwide markets, decrease transaction prices for companies, comparability of costs and wages. On the identical time, the European Central Financial institution, by supervising the banking system, will assure its sustainability and growth sooner or later, he mentioned.
The minister underlined that the Bulgarian authorities is working onerous to completely implement the European necessities in laws, in an effort to put together Bulgarian companies and shoppers for the transition to the euro. He added that the introduction of the euro can be accompanied by particular measures to guard shoppers, which embrace necessities for the right conversion of costs from lev to euro and itemizing costs of products and providers in each euro and lev.
The interval of twin costs will begin one month after the date of entry into pressure of the choice to undertake the euro and can finish one yr after the introduction of the brand new forex, which is a assure for client safety, the minister mentioned.
Entrepreneurs can have some freedom relating to the shape and technique of double itemizing costs, offered it’s simply understood and introduced in a means that can’t mislead the buyer as to the worth of the services or products, Nikoloff defined.
He additionally acknowledged that the Client Safety Committee (CCP), which is underneath the Ministry of Financial system and Trade, will monitor merchants’ compliance with their obligations for proper calculation and double itemizing of costs.
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