site.btaUPDATED 33% of Bulgarians, 64% of Businesses in Favour of Euro Adoption - Poll 

There are significant concerns and fears surrounding Bulgaria's eurozone entry among Bulgarian people. By contrast, businesses have a much more positive attitude towards the single European currency's adoption, shows a national representative survey commissioned by the Finance Ministry and conducted by Alpha Research among 1,200 people and 500 businesses between November 1 and 17, the Ministry reported here on Monday. 

The most widespread fears about the euro are related to possible price hikes (68.7%), followed by risk of fraud, speculation and price gouging (56.8%), inflation spike (54.7%), difficulties for people to get accustomed to the new currency (42.1%), fears that Bulgaria will lose its sovereignty and financial independence (31.5%), fears that Bulgarian goods will become less competitive (27.2%). Similar fears are also seen among businesses. 

A total of 32.8% of citizens approve Bulgaria's eurozone entry, of which 15% are completely in favour and 17.8 are rather in favour. This compares to 23% who are rather against and 27.4% firmly against the euro changeover. Around 17% could not decide. 

A total of 64.3% of businesses approve Bulgaria's eurozone entry, of which 46.7% are completely in favour and 17.6 rather in favour of the single currency. A total of 15.3% of businesses said they are rather against and 18% firmly against the eurozone. The share of undecided businesses is 2.3%. 

A total of 58.6% of respondents expect that the euro changeover will facilitate and make payments more convenient when traveling abroad, and 37.2% believe that it will facilitate trade with other European countries. The share of people expecting the euro to bring more security and predictability in the Bulgarian banking and financial sector is 21.2%, while 20.2% believe it will ensure Bulgarian citizens and companies better access to cheaper loans. A total of 19.6% believe that the euro changeover will improve Bulgarians' self-esteem as European citizens, 17.7% believe it will allow Bulgaria to participate in decision-making in the eurozone, and 15.9% believe the risk of bank failures will be reduced. 

Two-thirds of businesses expect trade with other countries to be facilitated with the euro adoption, and close to half expect more stability and predictability in the banking sector and cheaper loans. 

Caretaker Finance Minister Rositza Velkova, who is national coordinator of Bulgaria's eurozone membership, said that the euro introduction in January 2024 is a priority. She recalled that five bills have been drafted and adopted by the Council of Ministers in that regard, which have been submitted to Parliament. "We expect them to be adopted by the National Assembly by mid-January," Velkova said. 

The fifth bill about the euro will be drafted by this year's end by the competent ministries, public institutions and the central bank, while in January it will be coordinated informally with sectoral organizations and employers, so that the texts concerning businesses can be cleared up, the Finance Minister said, adding that the bill is to be published for a 30-day public consultation in February, after which it will be submitted to Parliament. 

Based on the survey, the Finance Ministry plans on starting joint work with mayors and mayoral deputies. A website will be designed by the end of March about the euro, where everyone can find answers to questions and concerns about the single currency. A free hotline will also be launched, where people can call and ask their questions, Velkova said.