14.05.2024
Eurozone Conference 2024 - Association of the Honorary Consuls in Bulgaria
See the gallery of the event here
About the event:
Bulgaria is a member of the European Union, but not of the Eurozone. However, the country has expressed its aspiration to adopt the euro in 2025.
Is it, when and how will this happen?
To answer these questions, the Association of Honorary Consuls in Bulgaria (AHBC), the Bulgarian CFA Association, and the Association of Banks in Bulgaria (ABB) have organized the conference “Bulgaria in the Eurozone, When?”, dedicated to the key topic of Bulgaria`s accession to the Eurozone, the prospects and the necessary reforms for this to happen. The event toke place on 14 May 2024 from 9:30 am to 2:00 pm at the Sofia Balkan Palace Hotel, Royal Hall.
Topics:
The conference started with opening speeches, followed by panel discussions addressing key topics from high-level representatives of Eurozone countries, including prime ministers, finance ministers, and chairmen of associations of banks and banking groups. Among those to be discussed:
KEYNOTE Speakers:
• Dimitar Glavchev, Prime Minister and Minister of Foreign Affairs of the Republic of Bulgaria
• Dimitar Radev, Governor of the Bulgarian National Bank
• Petko Nikolov, Minister of Economy and Industry of the Republic of Bulgaria
• Borislav Boyanov – Chairman of the Association of Honorary Consuls in Bulgaria
PANEL 1: POLITICAL AND STRATEGIC ASPECTS OF THE MEMBERSHIP IN THE EUROZONE
Speakers:
Moderator: Nikolay Vassilev – President of the Bulgarian CFA Association; former Deputy Prime Minister and Minister of Economy/Transport and Communications/Public Administration and Administrative Reform
THE VOICE OF THE NEW GENERATION - Eleonor Spasova – 19-year-old student at the Sofia Mathematics High School, accepted to the Wharton School, University of Pennsylvania (Ivy League)
PANEL 2: ECONOMIC AND FINANCIAL ASPECTS OF THE MEMBERSHIP IN THE EUROZONE
Speakers:
Moderator: Petia Dimitrova – Chairperson of the Association of Banks in Bulgaria, CEO and Chairperson of the Management Board of Postbank
BNB: Bulgaria Must Join the Eurozone As Soon As Possible To Avoid the Losses of Billions
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
15 May 2024, Sofia – The consensus among the Bulgarian National Bank, the Association of Banks in Bulgaria, the international diplomatic elite, and the Bulgarian business community is unequivocal: Bulgaria must join the Eurozone by January 1, 2025. This became clear at the international conference "Bulgaria in the Eurozone, When? " in Sofia, attended by prominent figures including Dimitar Radev, Governor of the Bulgarian National Bank, Petko Nikolov, Minister of Economy and Industry of the Republic of Bulgaria, Wolfgang Schüssel, former Chancellor of the Republic of Austria, Joseph Muscat, former Prime Minister of the Republic of Maltaand MEP, Adrian Năstase, former Prime Minister of Romania, Michalis Sarris, former Minister of Financeof the Republic of Cyprus, George Zanias, former Minister of Finance of Greece, Borislav Boyanov, Chairman of the Association of Honorary Consuls in Bulgaria, Nikolay Vassilev, former Deputy Prime Minister of the Republic of Bulgaria, and Petia Dimitrova, Chairman of the Association of Banks in Bulgaria.
"Marginal topics divert attention from the nation's true priorities. The magnitude of the potential loss isn't counted in millions, but in billions. Bulgaria must complete its European integration as soon as possible by joining the Eurozone," stated Dimitar Radev. He stressed that the procrastination in Bulgaria's complete integration into the heart of the European Union, namely the eurozone, comes with an escalating cost.
George Zanias, former Minister of Finance of Greece, emphasized the potential and opportunities that the introduction of the euro in Bulgaria will unlock for the private sector. He also noted that joining the Eurozone will enhance the country's credibility, improve access to financing, and accelerate returns from foreign investments. According to him, Europe's trust in the private sector is crucial for fostering improved exchanges with other countries and expanding trading opportunities.
Michalis Sarris, former Minister of Financeof the Republic of Cyprus, highlighted the necessity for Bulgaria to strike a balance between financial discipline and economic growth. He explainedthe importance of reasonable resource allocation in attaining this objective, pointing to European programs that can facilitate the effective utilization of resources. This strategic approach enables the country to foster and sustain its economic development.
"I can confidently state that we, as banks, will be fully prepared to accept the euro by January 1, 2025, utilizing all our available resources. I hope that this strategic objective will be embraced by the incoming government following the elections, and that every effort will be made to ensure Bulgaria's accession to the single European currency," said Petia Dimitrova, CEO and Chairman of the Board of Postbank and Chairman of the Board of Association of Banks in Bulgaria.
The program of "Bulgaria in the Eurozone, When?" covered a diverse array of economic, financial, political, and business topics related to Bulgaria's Eurozone accession. The event attracted hundreds of official guests and media outlets who had the opportunity to engage with in-depth analyses, best practices, and applicable strategiesfor the effective implementation of requisite reforms, which are crucial for fostering sustainable and prosperous management of economic integration.
The event is organized in partnership between the Association of Honorary Consuls in Bulgaria, the Bulgarian CFA Association, and the Association of Banks in Bulgaria.
The event is supported by the general partner Postbank, the main partners Samsung Store, "Georgiev, Todorov & Co." and UG Market Fund Management, as well as partners UniCredit Bulbank, Boyanov & Co., Expat Capital and M3 Communications Group, Inc. Media partners of the event are BNT, Euronews, Bloomberg TV, 24 Chasa, Trud, Manager, Investor.bg, Dir.bg, Econ.bg, Novinite.bg, and SeeNews.
