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Bulgarian Parliament adopts Bulgarian National Bank bill regulating the status of the euro

published on 2/1/24 2:55 PM

Photo: BGNES

The Bulgarian Parliament has adopted the amendments to the Law on the Bulgarian National Bank which regulate the legal integration of the Bulgarian Central Bank into the Eurosystem upon the introduction of the euro as the currency of Bulgaria. The changes affect the status of the euro, the design of the national side of the exchange euro coins, their release and withdrawal from circulation. The law must enter into force on the day specified in the Decision of the Council of the EU on the adoption of the euro by Bulgaria.

During the stormy debates, BSP for Bulgaria stated that Bulgaria was not yet ready to enter the Eurozone. Vazrazhdane expressed fears of rising prices and inflation after joining the Eurozone and fears of loss of sovereignty.

PP-DB were categorical that it was ridiculous to talk about loss of sovereignty, since Bulgaria is currently in the conditions of a Currency Board. Regarding inflation, it was argued that in 2023, when Croatia joined the eurozone, it had a record for income growth in the EU, and the effect of the euro on inflation in the country was 0.2%.

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