Atanas Pekanov skeptical of Steve Hanke’s analysis of the euro

Any analysis on the adoption of the euro in Bulgaria can be usefulthe official told Deputy Prime Minister for European Funds Atanas Pekanov.

He remains slightly skeptical, however, about the comments of economist Steve Hanke, whose name was taken forward by PP “Vazrazhdane” last week with an offer of expert assistance in the discussion of the benefits and risks of adopting the euro.

Pekanov remains open to any opinion, though not to accept much of Prof. Steve Hanke’s pro or con opinions.

Pekanov: We will not become poorer after the adoption of the euro

He expects to have more control mechanisms

He explained that it is currently being prepared the technical preparation for our country’s entry into the Eurozone on the basis of the decisions already taken regarding all the preparatory processes for which the other countries were also preparing. The communication strategy has been prepared, the protective mechanisms have been prepared and all these processes are framed in the National Plan for the introduction of the euro, explained Pekanov.

He emphasized that work is already underway the set plan schedule for the adoption of the euro by the regular cabinet, in relation to the National Plan for the introduction of the euro. There like an indicative target date is set at 1 January 2024. and Pekanov believes that all institutions should work in unison to make this happen, as chosen and prepared as a decision by a legitimately elected regular cabinet.

Pekanov takes public concerns seriously, that if we accept the euro, we will become poorer, he hears them and understands that people are worried. Bulgaria needs a sharper increase in income, because we are lagging behind and we do not have enough convergence towards the sphere of life in Europe, he pointed out. However, what we have seen in other countries like Slovenia, Slovakia and the Baltic States in the adoption of the euro, it is not some huge inflationary pressureand the measured inflationary pressure is of the order of 0.2 to 0.4%, which in the current situation against the background of inflation of 15%, Pekanov does not think is such a huge factor that will lead to impoverishment.

It’s a shit that people have, but that’s why institutions work to have protective mechanisms, so that doesn’t happen“, assured Pekanov.

Galab Donev: Entry into the Eurozone and Schengen are priorities for Bulgaria

Galab Donev: Entry into the Eurozone and Schengen are priorities for Bulgaria

The acting Prime Minister held a working meeting with representatives of the EC and ambassadors from the EU member states

Atanas Pekanov pointed out the protective mechanisms of the institutions – the double display of prices from a given period, such as one day something costs 2 BGN, the next day it already costs 2 BGN and 1 euro is written next to it, so that it is somehow not “opaque this transition” and people can do comparison. At the same time, from this moment on, all receipts will show the price in BGN and EUR, as well as the exchange rate. There must be some way to signal to the institutions if the exchange rate is illegal, explained the acting deputy prime minister. Any speculative practices must be stopped and this is where safeguards are important, it is important to be able to report to the institutions and, if necessary, make lists in other countries of commercial establishments that in some way apply illegal practices in order to people can know and avoid, thereby guaranteeing competition and a smooth transition, explained Pekanov.

The adoption of the euro - a priority of the office

The adoption of the euro – a priority of the office

It is the aim of the caretaker government that these processes continue without delay