Thank you, Paschal. Good evening, everyone.

So, first on geopolitical developments and IMF Article IV consultations.

Todays meeting provided an opportunity to take stock of the latest geopolitical developments and their impact on the EUs economic outlook. 

In recent days, we have witnessed dramatic developments in the Middle East, with the escalation of the conflict between Iran and Israel.

This is delivering a further adverse shock to the global economy, with oil and gas prices already increasing as concerns over energy flows mount.

The European Commission broadly agrees with the assessment of the economic outlook.

Being a very open economy, heightened global uncertainty, geopolitical and trade tensions are weighing on growth in the EU.

While the EU economy remains resilient, the overall challenging context underlines the urgency with which we need to take decisive measures to bolster Europes competitiveness and secure its long-term prosperity.

I would like to thank IMF Managing Director Kristalina Georgieva for her presentation on economic challenges and the main policy priorities.

Now is the moment to act to restore Europes economic dynamism and enhance growth.

Our Competitiveness Compass serves as a roadmap which we now need to turn into action.

Moving to the European Commissions recent convergence report, which I presented at todays meeting.

It finds that Bulgaria now meets all the criteria to become the 21st member of the euro area.

I was pleased to see euro area Member States reaffirm their strong support for Bulgarias entry into the euro area at todays meeting.

I look forward to the further steps and for the Council to take the final decision on Bulgarias entry into the euro area in the first half of July.

This would pave the way for the adoption of the euro by Bulgaria as of January 1^st, 2026.

Bulgaria and its people have undertaken remarkable efforts to get here and should be very proud of this achievement. 

I recently travelled to Sofia where the Bulgarian authorities confirmed that they are committed to continue the work to prepare for their entry to the euro area and for Bulgaria to be successful in the euro area.

Of course, the hard work to enhance the dynamism and resilience of Bulgarias economy should not stop there.

Looking beyond January 2026, it will be crucial to maintain fiscal discipline and sustain the momentum for positive reforms.

The outcome of the convergence report is good news for Bulgaria, the euro area and the EU as a whole.

A larger euro area means more stability and greater international heft for the euro.

This is especially important in the context of current shifting international geopolitical landscape, which however presents a window of opportunity to enhance Europes role in the international monetary system.

Geopolitical developments also underline the urgency of making progress on another point on todays agenda, the digital euro.

Today, we held a positive discussion on advancing this important file.

There is a broad agreement that the digital euro represents an important opportunity for our common currency to embrace the digital age and make the most of the opportunities that it offers.

Member States have, by now, discussed all the key points of the proposal.

At todays meeting, I once again expressed the need to urgently identify landing zones and steer this file towards a conclusion.

So, we need to strike compromises on the remaining open issues. 

And the European Commission is ready to provide all the necessary technical support to facilitate progress. 

The era of turbulence in which we are now living provides every incentive to progress this file. 

In doing so, we can make the digital euro an important pillar of the EUs strategic autonomy.

Now is the moment to make it happen.

I will stop here. Thank you.