02.05.2023

Minister of Finance Rositza Velkova had meetings with the Eurogroup President Paschal Donohoe and with the Executive Vice President of the European Commission Valdis Dombrovskis during the informal Economic and Financial Affairs Council of the European Union (ECOFIN) meeting held on 28 and 29 April in Stockholm.

Minister Velkova and Eurogroup President Donohoe discussed our country’s prospects for Euro Area membership and the Bulgarian Finance Minister confirmed that Bulgaria’s membership in the Euro Area continued to be a target, with the technical preparations for achieving it ongoing. Paschal Donohoe in turn highlighted that in addition to the economic criteria the country needed to meet, political stability and support were of key importance for Euro Area members to continue their economic integration. He was convinced that the long-term prospect for the country will be guaranteed by forming a stable government and by conducting a prudent fiscal policy.

Minister Velkova discussed the country’s readiness to make amendments to the National Recovery and Resilience Plan, including the chapter on REPowerEU, with the Executive Vice President of the European Commission Valdis Dombrovskis. He expressed his concern about the achievement of the decarbonisation goals Bulgaria had set, as well as about the considerable delay in the second and the third payment under the Plan. He emphasised the comprehensive reforms which were a considerable part of the results Bulgaria needed to report in relation to these payments. In conclusion Valdis Dombrovskis called for continuing the efforts on both technical and political level given the situation after the elections in Bulgaria.