The euro matters to Bulgaria both as a symbol and for the economy, German ambassador Irene Maria Plank and banker Panos Mavridis said at the seventh Sofia Economic Forum.
The panel looked at Bulgaria's first year in the eurozone and at what the common currency brings. The Delphi Economic Forum organised the event.
Plank said the euro is more than a technical detail for Bulgaria. Statistics give mixed figures on how much costs have fallen, she said, but many things are already easier, including in banks. The ambassador said the euro's main value is symbolic: "we are all together in the eurozone."
Mavridis is chief operating officer of Postbank and chair of the Greek Business Council in Bulgaria. He said the euro's value goes beyond symbolism. The currency helps the economy grow, he said, and gave Greece over the past 20 years and its financial crisis as an example.
Mavridis said the euro is at the base of Greece's recovery: "The euro was the cornerstone of Greece's recovery. Without the euro, Greece would not be where it is now."
He said Bulgarian banks did something unprecedented during the switch to the euro. With one currency, they now face less red tape and pressure. More important, he said, their customers also get relief.
The lev was a small currency of a small European country, the banker said. Without it, the risk other countries see in Bulgaria is much smaller. For potential investors, the risk of the unknown has gone.