Thank you, Paschal. Good evening, everyone.
First, let’s address geopolitical developments and IMF Article IV consultations.
Todays meeting provided an opportunity to assess the latest geopolitical developments and their effects on the EUs economic outlook.
Recently, weve seen significant events in the Middle East, particularly the escalating conflict between Iran and Israel.
This has led to further shocks to the global economy, with rising oil and gas prices due to concerns over energy supplies.
The European Commission agrees with the current economic outlook assessment.
As a very open economy, the EU is facing growth challenges due to heightened global uncertainty and geopolitical tensions.
Despite the EU economys resilience, the overall challenging context emphasizes the urgent need for decisive actions to enhance Europes competitiveness and secure long-term prosperity.
I would like to thank IMF Managing Director Kristalina Georgieva for her insights on economic challenges and policy priorities.
Now is the time to restore Europes economic dynamism and encourage growth.
Our Competitiveness Compass serves as a roadmap that we must now act upon.
Regarding the European Commissions recent convergence report, which I presented today, it confirms that Bulgaria meets all criteria to join the euro area as the 21st member.
I was pleased to see strong support from euro area Member States for Bulgaria’s euro area entry during todays meeting.
I look forward to the Council’s final decision on Bulgaria’s euro area entry in the first half of July.
This will enable Bulgaria to adopt the euro by January 1st, 2026.
Bulgaria and its citizens should be proud of their remarkable efforts to reach this milestone.
During my recent visit to Sofia, Bulgarian authorities reaffirmed their commitment to prepare for successful euro area entry.
However, the work to enhance Bulgarias economic dynamism and resilience must continue.
Looking beyond January 2026, maintaining fiscal discipline and sustaining reform momentum will be crucial.
The convergence report outcome is positive for Bulgaria, the euro area, and the entire EU.
A larger euro area means greater stability and increased international influence for the euro.
This is especially relevant given the current shifting international geopolitical landscape, which presents an opportunity to strengthen Europe’s role in the international monetary system.
Geopolitical developments also highlight the urgency of advancing discussions on the digital euro.
Today, we had a productive discussion on this important topic.
There is broad consensus that the digital euro offers a significant opportunity for our common currency to adapt to the digital age.
Member States have discussed all key points of the proposal.
Today, I reiterated the need to identify landing zones and move towards a conclusion on this file.
We must reach compromises on remaining issues.
The European Commission stands ready to provide all necessary technical support to facilitate progress.
The turbulent era we are currently in underscores the importance of advancing this initiative.
By doing so, we can make the digital euro a vital component of the EUs strategic autonomy.
Now is the moment to make it happen.