Bulgaria converts to the euro
Bulgaria became the 21st country in Europe to introduce the euro as the new year began. Although the highly contentious move comes in the midst of a political crisis following the recent resignation of the government, Europe's press voices optimism.
Reforms needed to catch up
Bulgaria is entering a new phase in its development, writes Dnevnik hopefully:
“The bank failures and hyperinflation of 1996 and 1997 wiped out Bulgarians' savings and left us as the tailender in Europe economically. ... Today, we are on the verge of catching up with the countries of Central and Eastern Europe. ... Now that all the emotions surrounding the introduction of the euro have subsided, it's time to take a look at the country's long-term goals and challenges. Bulgaria needs more economic freedom, rule of law and a small but efficient and accountable state. This would enable the country to succeed within the eurozone.”
Single currency requires cooperation
The daily taz sees this as a major victory for pro-Europeans in the country:
“Pro-Russian forces have lost because Bulgarians can no longer abandon the euro and move closer to the Kremlin. ... The Eurozone demands cooperation, and no one knows this better than Italian Prime Minister Giorgia Meloni. She may well be a nationalist, but her behaviour in the EU remains conciliatory – because she doesn't want to see 'risk premiums' and thus yields on Italian government bonds skyrocket. ... The single currency is not a revolving door in a department store that you can enter and leave at will. Once you're in, you're in. This is precisely why the Bulgarians opted for the euro.”
Hungary should follow suit
Sticking with the forint is becoming less and less advantageous, hvg reports:
“Under the current circumstances, there seem to be no particular advantages to maintaining our own currency and independent monetary policy. Incidentally, even the ruling Fidesz party hasn't come up with any good arguments against joining the Eurozone. The desire for 'sovereignty' and talk of the 'decline of the EU' don't count as such. ... After EU accession, and even in the 2010s, it was reasonable to argue that maintaining an independent monetary policy would help new member states to catch up ... Nowadays, however, the realistic options for an independent monetary policy have drastically diminished, particularly in the case of Hungary.”