Bulgaria’s euro area membership will help attract more investment, support economic growth and increase budget revenues, European Stability Mechanism (ESM) Managing Director Pierre Gramegna told journalists in Sofia on Friday. He was speaking after taking part in the conference “Building Resilience Together: Bulgaria’s Membership of the ESM”, organized by Bulgaria’s Ministry of Finance and the European Stability Mechanism.
And growth is the best way, the best way to make sure that you will have more revenue,” Gramegna said.
Commenting on Bulgaria’s fiscal plans and the Government’s intention to increase taxation, Gramegna said it was not his role to comment on the specific measures through which the country intends to meet its fiscal targets. “I’m not here to comment on the details of how Bulgaria wants to achieve a deficit next year that is compliant with the rules of Europe,” he said.
Gramegna referred to the Finance Minister Galab Donev’s statement that the Government aims to reduce the budget deficit from around 5% this year to around 3% next year. “It means that Bulgaria will comply with the rules, and it means that Bulgaria will do it fast. I wish that many other countries in Europe would do it as fast as Bulgaria,” Gramegna added.
He also discussed investment needs in areas including logistics, transport, energy grids and energy. “The Prime Minister [Rumen Radev] told me in our bilateral meeting that one of the priorities is to increase investment in logistics, in transport, in grids, in energy,” he said.
Gramegna said euro area membership had also improved Bulgaria’s access to financing. “The fact that Bulgaria is now part of the euro area, Bulgaria can finance itself more cheaply than in the past,” he said.
According to Gramegna, two or three years ago Bulgaria was paying more than two percentage points above the German Bund rate, while the difference is now below one percentage point. “So being part of the euro area is already an advantage in itself,” he said.
Gramegna also stressed that the ESM is not an institution designed to finance investment projects. “That is done by the European Investment Bank,” he said, adding that the ESM could instead support Bulgaria by sharing its experience on financial markets.
“We are ready to share our experience on financial markets with the government of Bulgaria, to diversify the pool of investors worldwide who can invest in Bulgaria,” Gramegna said.
Bulgaria’s Euro Area Membership to Support Economic Growth, Increase Revenues, ESM Managing Director Says THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-09-25 10:52:38
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