Deputy Prime Minister and Minister of Innovation and Development Tomislav Donchev expressed confidence in Bulgarian consumers’ ability to adapt during the upcoming transition to the euro. Speaking before reporters, Donchev emphasized his firm belief in the market economy, arguing that over three decades of experience have equipped Bulgarians with the tools to make informed choices.
He noted that all relevant institutions – including the government, the Commission for Protection of Competition, and the Consumer Protection Commission – are actively engaged and fully performing their responsibilities. According to him, if any business attempts to raise prices unjustifiably, citizens will naturally seek out alternatives. “If someone hikes prices unreasonably, a Bulgarian knows they can simply shop at the neighboring store,” Donchev said. He stressed that he places his faith primarily in the market and the consumer’s ability to respond effectively.
Drawing a historical comparison, Donchev referenced the early years of Bulgaria’s transition to a market economy. He recalled the 1991 appeal of then-Prime Minister Dimitar Popov – “For God’s sake, brothers, don’t buy” – a remark made during the initial price liberalization period. Donchev said there would be no need to revisit that sentiment today, as consumers are far more experienced and capable.
He also highlighted the importance of clarity in pricing and labeling, particularly during the period when prices will be displayed in both leva and euros. This dual display has the potential to create confusion, especially among older consumers, who might mistake the pricing system for promotional offers.
When asked whether stronger penalties should be introduced for businesses that increase prices unfairly ahead of euro adoption, Donchev returned to his central point – that the market itself provides a corrective mechanism. He reiterated that Bulgaria has operated within a market economy for over 30 years and that this history provides a stable foundation. “No one chooses to pay more when they know there’s a cheaper option available nearby,” he said.
On the broader impact of joining the eurozone, Donchev stated that Bulgaria stands to benefit from a faster economic convergence with wealthier EU member states. Based on the trajectory observed in other countries that joined the euro, he said the long-term outlook is positive. Bulgaria, he noted, will see increased investor interest, as it becomes part of a more prestigious economic category by adopting the euro, the world’s second most widely used currency. This reclassification is expected to enhance the country’s attractiveness as an investment destination and lower transaction costs associated with currency conversion.
Donchev emphasized that these benefits won’t be limited to a temporary boost. Instead, the positive effects are expected to be long-lasting, with sustained improvements in economic indicators over time.
He also advised against rushing to convert leva into euros ahead of the official transition date. “There is an organized system for conversion,” Donchev said, assuring the public that their money can be exchanged without additional charges once the process begins. He explained that the system will include both the Bulgarian National Bank and post offices, providing citizens with convenient access to commission-free conversion. His advice was simple: people should stay calm and avoid unnecessary losses by exchanging early.