00:00Starting on the 1st of January 2026, Bulgaria will become the 21st member of the Eurozone,
00:08with the euro replacing the left as its national currency.
00:11The Balkan country of 6.5 million people joined the EU in 2007
00:15and formally began the process of joining the Eurozone in 2018.
00:20It now respects the four Maastricht criteria to join the currency bloc.
00:24Price stability, with an inflation rate of 2.7% in 2024,
00:30sound public finances, with public debt and deficit levels of 24% and 3% of GDP in 2024,
00:38exchange rate stability and long-term interest rate stability.
00:42In 2024, Bulgaria was the poorest EU country in terms of GDP per capita.
00:47It is also the EU country the most affected by poverty,
00:50with more than 21% of its population living below the poverty line.
00:55Brussels and Sofia hope joining the Eurozone will boost the country's economy
00:59and strengthen its European integration.
01:01The bigger effect is the long-term effect, basically boosting confidence when it comes to the currency,
01:10to the purchasing power of the currency, confidence of foreign investors,
01:15people who buy Bulgarian debt, but also people who invest in the country.
01:19Peter Ghannef thinks that joining the Eurozone will unimaginably contribute to inflation.
01:24It's not the main factor.
01:25The main factor is the consumption, which is supported by inflationary budget
01:34and by record-high credits, especially for new homes.
01:39But it's political instability that might negatively impact Bulgaria's economy.
01:44The government resigned in mid-December after weeks of anti-corruption protests.
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