Balgarianovinite.com The Governor of the Bank of Greece, Yannis Stournaras, said in an interview with BTA in Sofia that Bulgaria has followed a “successful path” toward euro area membership and is already beginning to feel the real benefits of the common currency. Stournaras was in the Bulgarian capital to take part in the The World Ahead 2026 Sofia Gala Dinner, organized by The Economist.
He highlighted Bulgaria’s fulfilment of all euro area accession criteria, noting that maintaining the currency board for many years had been a key factor in stabilizing the economy, containing inflation, and strengthening public finances. “This creates a foundation for the country to benefit from lower interest rates, lower transaction costs, and greater financial stability within the euro area.”
Asked how Bulgaria’s entry into the euro area would affect economic and business relations between Sofia and Athens, the Governor of the Bank of Greece said that one of the main economic effects would be seen in cross-border trade. “Our estimates show that small and medium-sized enterprises on both sides of the border will save around EUR 500 million annually thanks to the elimination of currency exchange costs and the introduction of the common currency,” Stournaras said. According to him, removing currency risk and conversion costs will stimulate trade, investment, and tourism, inevitably leading to higher growth and prosperity in both countries.
Stournaras, who served as Greece’s finance minister from 2012 to 2014 and was involved in the initial efforts to tackle the debt crisis in his country, stressed that the euro has proven to be a successful project, with the number of participating countries nearly doubling since its creation and the currency establishing itself as a global safe asset.
In the context of Greece’s experience during the debt crisis, he noted that the country’s problems were not caused by the euro but by the accumulation of “twin deficits” – a high budget deficit and a large current account deficit — resulting from an expansionary fiscal policy and a loss of competitiveness. “The euro was part of the solution, not part of the problem,” he emphasized, recalling that European partners had provided access to financing while the country was implementing painful reforms.
According to him, participation in the euro area requires discipline – fiscal responsibility, sound banking supervision, structural reforms to boost growth, and strong institutions. Only in this way can countries sustainably benefit from the advantages of the common currency.
Commenting on monetary policy, Stournaras, who is a member of the Governing Council of the European Central Bank (ECB), said that at present the risks to inflation and growth are balanced and that the “meeting-by-meeting” approach remains the most appropriate. He defended the ECB’s response to recent external shocks, such as the pandemic, the war in Ukraine, and the energy crisis, stressing that excessively aggressive interest rate hikes would have led to a deep recession.
Regarding criticism that the euro fuels inflation, Stournaras pointed out that average inflation since the currency’s creation has been close to 2% and that recent inflationary pressures have mainly been the result of external supply shocks rather than the monetary system itself.
“The common currency reduces uncertainty, strengthens integration, and creates conditions for more investment,” the Governor of the Bank of Greece concluded, emphasizing that for Bulgaria the most immediate and measurable effect will be the saving of hundreds of millions of euros annually by businesses due to the elimination of currency-related costs. SMEs in Bulgaria and Greece Will Save EUR 500 Mln Annually in Currency Conversion Costs, Bank of Greece Governor Stournaras Tells BTA 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-02-13 14:34:00 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
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