The initiative for a referendum on the euro was prompted by a discrepancy between the assessments of national institutions and European partners regarding the country's readiness for Eurozone membership. This was stated by President Iliana Iotova on the program “This Morning” on bTV.
According to her, in a short period of time, opposing positions were expressed – from claims that Bulgaria does not meet the criteria and has a serious budget deficit, to a subsequent positive opinion after a request for a convergence report and a “green light” from the European Commission. According to her, this raises the question of whether there were inaccurate national data or incorrect interpretations of the economic indicators. The President emphasized that the only institution that consistently fulfilled its tasks in preparation was the Bulgarian National Bank.
President Iliana Iotova noted that the problem is not the euro itself as a currency, but the state's degree of readiness to transition to the new monetary framework. She pointed out that other countries have had long transition periods with adaptation of social systems, business environment, and regulations, while according to her, the process in Bulgaria has proceeded at an accelerated pace.
Iotova commented that some citizens have felt a decrease in purchasing power after the introduction of the euro, which, according to her, generates public dissatisfaction and economic concerns. She emphasized that the next regular government should undertake specific policies to protect incomes and stabilize prices.
The head of state also stated that membership in the Eurozone opens up opportunities, but they can only be used with a clear national strategy for investment and economic development within the European Union. As an example of different economic approaches in Europe, she pointed out the opposing visions of Germany and France regarding industrial policy – one oriented towards national industrial strengthening and external partnerships, and the other towards strengthening production within the union.
According to the President, Bulgaria should clearly formulate its own position in order to protect its interests in the formation of future European economic policies. Iotova emphasized that from now on, the key question is how the country will use its membership in the Eurozone to attract investment and develop its economy. According to her, this requires a clear national strategy and an active position within the European Union, including in the formation of common financial and industrial policies.
Iotova pointed out that the next regular government should propose specific policies that guarantee the protection of citizens, the stability of the economy, and the effective participation of the country in European processes.