Latest news with #RossenJeliazkov
The Journal
6 days ago
- Business
- The Journal
There'll soon be another country where you'll be able to use euro
THERE'LL SOON BE another country where you'll be able to travel without needing to exchange your euro for a different currency. The European Commission has given approval for Bulgaria to adopt the euro from next year, putting it on course to become the 21st member of the eurozone. The commission said Bulgaria had fulfilled the strict criteria 'intended to ensure that a country is ready to adopt the euro and that its economy is sufficiently prepared to do so'. The European Central Bank also gave a positive opinion, hailing Bulgaria's 'tremendous dedication to making the adjustments needed'. Bulgarian Prime Minister Rossen Jeliazkov hailed 'a remarkable day' that followed 'years of reforms, commitment and alignment with our European partners'. The push has, however, sparked a backlash from some Bulgarians, with protests and recent surveys showing nearly half of those questioned opposed adopting the euro — fearing painful economic consequences. About 1,000 people demonstrated today in front of the National Assembly building in the centre of Sofia. The gathering was organised by the opposition pro-Russian Vazrazhdane party. Others, though, have welcomed the move towards the euro. 'It will give us greater freedom and make traveling abroad easier,' a 36-year-old software developer in Sofia told AFP, though she added feeling 'a bit of nostalgia'. 'We are losing a bit of our identity, our lev,' she said. Advertisement 'Whether it's in euros, dollars, or levs, I just want to live well,' Svilen Manavski, 61, a construction worker said. Bulgaria has had a rocky road to joining the eurozone: the nation has been plagued by political turmoil with seven elections in three years, the most recent in October 2024. The approval comes 18 years after Bulgaria joined the EU. With a population of 6.4 million, Bulgaria has spent several years preparing its economy to join the eurozone. It still needs the approval of the EU's finance ministers, who are expected to give their full backing in July, before it formally adopts the euro from 1 January 2026. 'Today's report is a historic moment for Bulgaria, the euro area and the European Union,' said EU economy chief Valdis Dombrovskis. 'Of course, the euro is more than a currency. Following on from Bulgaria becoming a full member of the Schengen area earlier this year, it brings Bulgaria ever closer to the heart of Europe,' he added. When the first euro bank notes and coins were rolled out on 1 January 2002, Ireland was one of 12 countries to become part of the single-currency area. It has since grown to 20, with Slovenia joining in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 and Lithuania in 2015. Croatia was the most recent country to join in 2023. Bulgaria wanted to adopt the currency sooner but in the past few years the EU had concluded its inflation was too high to meet the necessary requirements. To join the single currency area, member states must show that their economy has converged with other eurozone countries and that they have a handle on their finances. © AFP 2025
Observer
6 days ago
- Business
- Observer
Bulgaria hails 'remarkable day' after EU green light
SOFIA: Bulgarian Prime Minister Rossen Jeliazkov said the EU's green light on Wednesday for the Balkan country to adopt the euro next year confirmed its progress. "A remarkable day. Another step forward on Bulgaria's path to the euro... This follows years of reforms, commitment and alignment with our European partners," he said in a post on X. The EU gave the green light on Wednesday for Bulgaria to adopt the euro on January 1, 2026, putting the Balkan country on course to become the 21st member of the single currency area. The European Commission said Bulgaria had fulfilled the strict criteria "intended to ensure that a country is ready to adopt the euro and that its economy is sufficiently prepared to do so". About 1,000 people demonstrated on Wednesday in front of the National Assembly building in the centre of Sofia, holding signs that read "Preserve the Bulgarian lev," "No to the euro," and "The future belongs to sovereign states." The gathering was organised by the opposition pro-Russian Vazrajdane party. — AFP
Khaleej Times
6 days ago
- Business
- Khaleej Times
EU gives Bulgaria green light to adopt euro in 2026
The EU gave the green light on Wednesday for Bulgaria to adopt the euro on January 1, 2026, putting the Balkan country on course to become the 21st member of the single currency area. The European Commission said Bulgaria had fulfilled the strict criteria "intended to ensure that a country is ready to adopt the euro and that its economy is sufficiently prepared to do so". The European Central Bank also gave a positive opinion, hailing Bulgaria's "tremendous dedication to making the adjustments needed". Bulgarian Prime Minister Rossen Jeliazkov hailed "a remarkable day" that confirmed the country's progress. "Another step forward on Bulgaria's path to the euro... This follows years of reforms, commitment and alignment with our European partners," he said in a post on X. The push has, however, sparked a backlash from many Bulgarians, with protests and recent surveys showing nearly half of those questioned opposed adopting the euro -- fearing painful economic consequences. - 'No to the euro' - About 1,000 people demonstrated on Wednesday in front of the National Assembly building in the centre of Sofia, holding signs that read "Preserve the Bulgarian lev," "No to the euro," and "The future belongs to sovereign states." The gathering was organised by the opposition pro-Russian Vazrajdane party. "If Bulgaria joins the eurozone, it will be like boarding the Titanic," Nikolai Ivanov, a retired senior official, told AFP at another recent protest calling for the country's currency -- the lev -- to be maintained. Bulgaria has had a rocky road to joining the eurozone: the nation has been plagued by political turmoil with seven elections in three years -- the last in October 2024. The approval by the EU's executive body comes 18 years after Bulgaria joined the bloc. "Congratulations, Bulgaria!" commission president Ursula von der Leyen said. "Thanks to the euro, Bulgaria's economy will become stronger, with more trade with euro area partners, foreign direct investment, access to finance, quality jobs and real incomes," she said in a statement. With a population of 6.4 million, Bulgaria is the poorest nation in the bloc but has spent several years preparing its economy to join the eurozone. Bulgaria still needs the approval of the EU's finance ministers, who are expected to give their full backing in July, before it formally adopts the euro. "Today's report is a historic moment for Bulgaria, the euro area and the European Union," said EU economy chief Valdis Dombrovskis. "Of course, the euro is more than a currency. Following on from Bulgaria becoming a full member of the Schengen area earlier this year, it brings Bulgaria ever closer to the heart of Europe," he added. Unsuccessful past attempts When the first euro bank notes and coins were rolled out on January 1, 2002, only 12 countries were part of the single-currency area including France, Germany, Ireland, Italy and Spain. It gradually grew to 20 with Slovenia joining in 2007, Cyprus and Malta in 2008, Slovakia in 2009, Estonia in 2011, Latvia in 2014 then Lithuania in 2015. Croatia was the most recent country to join in 2023. Bulgaria wanted to adopt the currency sooner but in the past few years Brussels has concluded its inflation was too high to meet the necessary requirements. To join the single currency area, member states must show that their economy has converged with other eurozone countries and that they have a handle on their finances. For example, they must demonstrate inflation is not out of control and is no more than 1.5 percentage points above the rate of the three best-performing EU countries. Last year, Bulgaria fulfilled all the criteria to join except on inflation. The average inflation rate in Bulgaria during the 12 months to April 2025 was 2.7 percent, just below the reference value.
Observer
13-04-2025
- Business
- Observer
Bulgaria receives first US F-16
Bulgaria on Sunday welcomed its first US-made F-16 fighter jet ordered as part of the eastern-flank Nato member's landmark efforts to modernise its air force. To replace its Soviet-era MiG-29 jets, Bulgaria has ordered 16 American F-16s for a cost of around 2.4 billion euros ($2.7 billion), in the largest contract to overhaul its armed forces since the fall of communism in 1989. At a ceremony marking the jet's delivery at the Graf Ignatievo military base in central Bulgaria, Prime Minister Rossen Jeliazkov said those in attendance were celebrating "the inexorable and irreversible modernisation of the Bulgarian army. US defence official David Baker hailed the jet's delivery as a "significant milestone". "Your investments today will improve Bulgaria's security for decades to come and enable you to further contribute to making Nato the greatest military alliance in history," Baker added. After the first delivery on Sunday, seven more F-16s are due to be delivered by the end of 2025, with the remaining eight to arrive by 2027. Bulgaria, which last year celebrated the 20th anniversary of its entry into Nato, has for a long time delayed the modernisation of its air force for political and financial reasons. But as with other eastern members of the US-led defence alliance Russia's attack of Ukraine has forced a rethink of its defence posture. The poorest member of the European Union now spends more than the Nato-baseline two per cent of national output on defence -- though still well below the five per cent now demanded by US President Donald Trump. As a result of its ageing fleet, the country's fighter pilots lack training, according to a 2024 government report, which also pointed to a dearth of qualified personnel. In June 2021, a Bulgarian pilot died after his MiG-29 crashed during a military drill in the Black Sea. In September 2024, two more soldiers were killed during a training flight for an air show. rb/sbk/gv
Jordan Times
04-04-2025
- Politics
- Jordan Times
King meets with Bulgarian PM
In Sofia, His Majesty King Abdullah meets with Bulgarian Prime Minister Rossen Jeliazkov, commending the deep-rooted ties between the two countries, and expressing Jordan's readiness to enhance cooperation with Bulgaria across various fields (Photo courtesy of Royal Court) AMMAN — His Majesty King Abdullah, in Sofia on Friday, met with Bulgarian Prime Minister Rossen Jeliazkov. His Majesty emphasised the deep-rooted ties between Jordan and Bulgaria, as well as Jordan's readiness to expand cooperation with Bulgaria across various fields, a Royal Court statement said. The King commended Bulgaria's efforts in hosting the Aqaba Process meetings in partnership with Jordan, and its role in enhancing coordination between countries and organisations to address common challenges. The meeting—attended by HRH Prince Ghazi, His Majesty's chief adviser for religious and cultural affairs and personal envoy—addressed the most pressing developments in the Middle East, particularly the dire situation in Gaza and the West Bank, the statement said. His Majesty stressed the need to achieve a comprehensive calm in the region, starting with stopping Israel's war on Gaza, reinstating the ceasefire, and resuming the flow of humanitarian aid. Deputy Prime Minister and Foreign Minister Ayman Safadi, Director of the Office of His Majesty Alaa Batayneh, and Jordan's Ambassador to Bulgaria Mutaz Khasawneh attended the meeting.
