Sofia Economic Forum panel weighs Bulgaria's first year in the euro area

A panel at the seventh Sofia Economic Forum on Monday 26 October looked at Bulgaria's first year in the euro area, focusing on the economic effects of adopting the single currency and the opportunities it brings, BTA reported. The forum is organised by the Delphi Economic Forum.

German Ambassador to Bulgaria Irene Maria Plank said adopting the euro was much more than a technical matter. Various indicators already showed lower costs and greater convenience, including in banking, she said. In her view, the euro's main value was symbolic: being together in the euro area.

Panagiotis Mavridis, chair of the Hellenic Business Council in Bulgaria and chief operating officer of Postbank, argued that the benefits went beyond symbolism and pointed to the euro's contribution to economic development. Looking back over the past 20 years and the financial crisis, he said, the euro had been the cornerstone of Greece's recovery, and without it Greece would not be where it is today.

Mavridis described the work done by banks during Bulgaria's changeover to the euro as unprecedented. Having one single currency, he said, reduces bureaucratic pressure on banks and, more importantly, on their customers.

He also said that other countries and potential investors now saw Bulgaria as less risky. With the lev no longer in use, the uncertainty linked to a small national currency had disappeared, making investment in Bulgaria easier and more predictable, he said.

Bulgaria adopted the euro on 1 January 2026, so the comments came about ten months into membership. For foreign companies, the most visible changes are the end of currency conversion between the lev and the euro and the fact that Bulgarian prices, contracts and accounts are now kept in the same currency as those of the other euro area members.

The same forum also heard plans for transport links between Bulgaria, Greece and Romania, which Transport Minister Georgi Peev presented on the opening day.