In Bulgaria, work is underway on the introduction of the euro as an official currency. Although the official date is not known currently, nor is the official regulation, aside from the concept of the law, according to available information, the preparations for switching are happening in Bulgaria. But yet, Bulgaria is still far away from the official date, and a lot of work remains, not only inside the country but also towards the Eurozone and its obligations.
What are the benefits of the introduction of the euro in Bulgaria?
Public
Bulgaria
Author: Kristina Dosen
Category:
Fiscal subject related
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441
Content accuracy validation date:
04.09.2023
Content accuracy validation time:
08:11h
However, the Ministry of Finance of Bulgaria introduced the benefits of the introduction of the euro as an official currency in Bulgaria, although the citizens are not thrilled with this new change. As stated, the euro offers many benefits to the citizens, businesses, and economies of the countries that use it. Some of them are:
- easy price comparison between euro area member states, which increases competition between businesses, thus benefiting consumers;
- price stability;
- an opportunity for companies to trade more easily, cheaply, and safely in the Eurozone and with the rest of the world;
- increasing economic stability and growth;
- better integrated and therefore more efficient financial markets;
- greater influence in the world economy through the use of the world's second reserve currency, etc.
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