Bulgaria's euro accession is a milestone for the euro area, says EC representative, as Hungary eyes the euro by the early 2030s

Bulgaria's accession to the euro area is an important milestone both for the country and for the euro area itself, Yordanka Chobanova, Head of the European Commission Representation in Bulgaria, said at the OMFIF Sofia Forum on 3 November, BTA reported. Bulgaria now takes part in decisions on common monetary policy and the future of the European financial system, she said, at a time when Europe is deciding how to finance its growth and safeguard its financial autonomy.

Chobanova said euro adoption remains on the agenda in other EU member states and that meeting the criteria remains decisive, with the Commission staying objective in its assessments. At a panel at the same forum, Hungarian National Bank Deputy Governor Daniel Palotai said Hungary aims to meet all the criteria by 2030 and could introduce the euro in 2031 or 2032, adding that public support for the move remains strong.

Banks account for 75% of corporate lending in the EU, Chobanova said. Europe needs both smaller regional banks that understand local conditions and larger banks that can connect growing companies with bigger markets. She said the Commission will propose a package in the first quarter of 2027 to improve banking market integration, introduce more proportionate requirements and simplify rules.

In Bulgaria, businesses still rely mainly on bank lending, which should be complemented by other forms of finance, especially for companies with growth potential, she said. Better access to venture capital and equity financing is the tangible benefit of integrating European capital markets under the Savings and Investments Union. She also pointed to the digital euro as important for Europe's sovereignty in payments.

Chobanova noted that Albania, Moldova, Montenegro, North Macedonia and Serbia are already part of the Single Euro Payments Area (SEPA), which she said shows how European standards can cut the cost of cross-border payments even before EU membership.

Other speakers included Austrian National Bank Governor Martin Kocher, who warned that national protectionism, subsidies and fragmented supply chains could undermine Europe's prosperity, and the governors and vice-governors of the central banks of Croatia and Moldova.