site.btaDeputy PM Pekanov: Institutions Working on All Protection Mechanisms Related to Euro’s Adoption 

The institutions are working on all protection mechanisms related to the euro’s adoption, caretaker Deputy Prime Minister for EU Funds Management Atanas Pekanov told journalists here on Tuesday. 

“I take very seriously people’s fears, I am listening and understand them. […] From what we’ve seen in other countries similar to ours, such as Slovenia and Slovakia, there isn’t any big inflationary pressure with the euro’s adoption. On the contrary, the measured inflationary pressure is between 0.2% and 0.4%. Given the current situation, I don’t believe this to be a huge factor that will lead to impoverishment. This is rather a fear that people have. We understand them, but the institutions are working on all protection mechanisms to prevent this from happening,” Pekanov said. 

Any speculative practices must be countered. It’s important to make sure that alerts can be submitted, he said. 

Asked by BTA whether the inflation levels in Bulgaria could pose an obstacle along this country’s path towards the eurozone, Pekanov said that inflation is high across all European countries. 

“In that sense, talks are being held about the criteria set out 20 years ago in an environment marked by low inflation. Currently, we’re in a situation where inflation in the eurozone is 10%, while in Bulgaria it’s at the staggering 17%,” he said. 

“We’re working according to the schedule set by the regular government about the national plan for the euro’s adoption. January 1, 2024 is set as the indicative target date. I believe that all institutions must work in unison so this happens,” Pekanov noted.