Congratulations to Bulgaria on becoming the 21st member of the euro area.
The Euro area is stronger for Bulgaria's membership, and Bulgaria is stronger as a euro area member.
I want to extend in particular my congratulations to Minister Petkova and the Bulgarian authorities for steering process to a positive outcome.
Today is an important symbolic step for Bulgaria's euro accession, but let's not forget about the practical benefits.
Joining the euro removes uncertainty about future policy, strengthens external credit ratings and helps to stabilise and lower interest rates.
This helps to promote foreign and domestic investment, leading to higher economic growth and more jobs.
And it brings a positive impact on growth thanks to full integration into the EU's single market, where Bulgaria's goods and services will become more competitive.
In the longer run, the euro brings more stable prices and increases the resilience of the economy in the face of sudden shocks.
Now the focus should be on practical steps for the changeover process.
I know that preparations are clearly well underway.
We need to work to make this changeover a success.
The European Commission is in contact with the stakeholders from the public and private sectors involved in these practical preparations and is ready to provide whatever technical assistance is required.
My third point is on the need for Bulgaria to keep pressing ahead with reforms.
Looking beyond 1 January 2026, maintaining discipline and sustaining the momentum for positive reforms will reinforce and amplify the benefits that membership of the euro area provides.
Finally, I am aware that some Bulgarian citizens fear that joining the euro area may end up in higher prices.
Let me reassure you today.
We have strong historical data, including Croatia's recent experience in 2023, that confirms that the upward impact of the changeover on prices is minimal in the short run, while the impact on prices is more than offset over the medium and long-term.
I also can speak on my personal experience from Latvia's changeover to the euro and the benefits of euro membership.
We see that the fears in terms of rapidly increasing inflation did not materialise and people in Latvia actually recognise the practical benefits the euro is bringing.
Public support is high and hopefully the same is going to be in Bulgaria.
So, with that, I wish to offer my since congratulations to Bulgaria on this historic day once again.
It is the culmination of a long journey, but the beginning of another one towards further stability, security and prosperity – as you assume membership of the euro area.
