Balgarianovinite.com The single market requires a single currency, Prof. Jorge Braga de Macedo, former finance minister of Portugal and currently a lecturer at Nova School of Business and Economics near Lisbon, told BTA.
Speaking at a meeting with Bulgarian journalists at the university in connection with Bulgaria’s forthcoming accession to the euro area on January 1, 2026, Prof. Braga de Macedo was adamant that the single currency is a response to the pursuit of stability and economic growth for European countries. Portugal was among the first 11 countries to introduce the euro electronically in 1999, with banknotes and coins entering circulation in 2002.
“One market, one currency,” he stressed several times, noting that if a country wants the advantages of the European Union’s single market, it cannot prefer a currency other than the euro, as the link between the two is of key importance.
In response to a question from BTA, he said categorically that prices in Portugal did not rise with the introduction of the euro. There were difficulties before the creation of the single currency, while afterwards “everyone was convinced,” he said.
The single currency is used because it facilitates purchases, of course, but it also has advantages of another nature, the former finance minister said. If there is a single market, countries are exposed to shocks, but without a single currency and with rising prices, protection is much weaker. If there is a single market without a single currency, there are losses, and without a single market the losses are even greater, he added.
He recalled that Portugal had an export-oriented industry for a long while as a member of the European Free Trade Association, an agreement that was far less ambitious than the European Community but nevertheless created a single market, particularly with the Nordic countries. When a country has the opportunity to export goods to a given market, this opens up investment opportunities and improves its overall position, he said.
“It would be dramatic to make all the efforts for a single market and then not have a single currency. That would truly be a loss,” Prof. Braga de Macedo commented.
“If you believe you can afford your market not to be the same as your neighbours’, then you might argue for a different currency. But if you already have a single market – and that is clearly the case for your country and many of its neighbours – I do not think there is an alternative,” Prof. Braga de Macedo told Bulgarian media.
This article is the result of an organised visit of Bulgarian journalists to Portugal, part of the activities of Bulgaria’s Ministry of Foreign Affairs under the action plan for implementing the communication strategy on information and publicity related to Bulgaria’s accession to the euro area. Single Market Requires Single Currency, Says Former Portuguese Finance Minister Jorge Braga de Macedo 2025 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2025-12-16 07:38:53 Latest news World news Country news Most important news latest news most important latest of the day Justice Petar Nizamov Feathers Petar Nizamov- Feathers Justice bg iustitia.bg iustitia iusticia usticia investigation Burgas Bulgaria news news of the last hour news of the day news of today Bulgaria news The news from Bulgaria blitz news top news most important most commented latest news Boyko Borisov news weather coronavirus news news weather facebook youtube facebook instagram news today news of the last minutes news today today news news bg news leading news hot news bg news site for news all news news bg news of the last hour latest latest news bg news of today news today news today news of the last hour latest news today news bg news news 24 hours news vesti bg novini news world bird bg bivol bg bivol trud bg novini latest news today novinite bg news hello bulgaria political party coat of arms delyan peevski scandalous Bulgarian National Television Free Europe Television scandal exclusive live tv live right now tv tv online tv program bg live now tv news online tv online live court Burgas court Burgas district court Burgas court Burgas district court Burgas district court Burgas appellate court Burgas prosecutor Burgas prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Prosecutor General Ivan Geshev Prosecutor Geshev Tsatsarov Ministry of Internal Affairs Burgas ODMR Burgas ODPR Burgas police Burgas district police Burgas prosecutor Tsatsarov SGS cases Varna court chairman of the SGS court decisions on civil cases decisions on cases Plovdiv court decision of the court decisions cases Varna court criminal cases district district court decisions work in the court SGS chairman of the SGS judges Sofia court post judges Plovdiv court Plovdiv judges Plovdiv Supreme Court Inspectorate Supreme Court Supreme Judicial Council lawyer lawyer criminal cases lawyer civil cases lawyer marriage cases lawyer administrative criminal law criminal process civil law civil process administrative law constitutional law