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Euronews
10-06-2025
- Business
- Euronews
Uzbekistan bolsters Slovakia and Bulgaria ties in high-level visits
Uzbekistan continues to solidify its place on the global stage as a reliable partner and dynamic hub in Central Asia, welcoming high-level delegations from Europe in a series of landmark diplomatic meetings. The diplomatic momentum culminated on Monday at the official opening of the Tashkent International Investment Forum, where Slovakia's Prime Minister Robert Fico and President of Bulgaria Rumen Radev joined dozens of other foreign officials and international investors. In his keynote remarks, President Shavkat Mirziyoyev emphasized the forum's critical role in transforming Uzbekistan's economy and global standing. "Last year, the volume of investments into our national economy reached $35 billion (€30 billion), and exports amounted to $27 billion (€23 billion). This is also a practical result of the Tashkent International Investment Forum, now being held for the fourth consecutive year," he said. This year's forum reflects Uzbekistan's renewed confidence and strategic ambition to become a hub for international investment, innovation and sustainable development. With legal reforms, market liberalisation and an investor-friendly climate, Uzbekistan is positioning itself as one of the most attractive emerging markets in the Eurasian region. The first Uzbek-Bulgarian summit in 17 years was described by President Mirziyoyev as "historic." The warm reception of President Rumen Radev was more than symbolic, it also heralded a new chapter in relations driven by economic ambition and cultural proximity. The talks focused on practical cooperation, from textile and pharmaceutical exports to artificial intelligence, IT technologies and tourism. The two countries pledged to open trade houses in Tashkent and Sofia and to facilitate bilateral trade through preferential credit lines and laboratory accreditation. Twinning initiatives have already borne fruit, linking ancient cities like Bukhara and Varna, Samarkand and Plovdiv. These people-to-people connections are seen as key to deeper regional understanding. A roadmap was adopted to ensure follow-through on new projects and both sides agreed to strengthen educational and scientific exchanges. The upcoming meeting of university rectors in Andijan and a planned week of Uzbek-Bulgarian cinema and culture are expected to further enhance mutual understanding. Importantly, Bulgaria expressed readiness to cooperate in the sphere of labour migration, with discussions underway to open a representative office of Uzbekistan's Agency of Migration in Sofia. President Radev concluded his visit by inviting President Mirziyoyev to Bulgaria, signalling a commitment to long-term engagement at the highest level. On 9 June, the President of Uzbekistan, Shavkat Mirziyoyev, hosted the Prime Minister of Slovakia, Robert Fico, at the presidential residence in Tashkent, marking a major step forward in Uzbek-Slovak relations. Fico's visit was marked by the signing of a joint declaration on the establishment of strategic partnership relations, a clear signal of the new momentum in bilateral cooperation. The leaders reviewed a broad spectrum of initiatives spanning trade, technology, energy and education. President Shavkat Mirziyoyev highlighted the visit as "a qualitatively new stage" in relations between Uzbekistan and Slovakia, with recent developments including the fruitful first meeting of the Intergovernmental Commission and expanding business exchanges. In the face of global uncertainty, both sides stressed the value of coordinated foreign policy efforts and deeper alignment with European institutions. The two leaders outlined an ambitious Industrial Cooperation Program involving Slovak companies in key sectors such as automotive localization, green energy, pharmaceuticals and tourism. The talks also included forward-looking digital initiatives, from joint start-up investment funds to the creation of a quantum standard laboratory, reflecting Uzbekistan's commitment to technological innovation. Agreements signed during the visit include cooperation on diplomatic training, agriculture, energy market regulation and a bilateral cultural and foreign affairs program for 2025–2026. A strong focus was also placed on education, with the upcoming launch of joint research programmes involving Comenius University in Bratislava. As the country deepens ties with the European Union and individual member states, it offers vast opportunities in investment, innovation and cross-cultural collaboration. Whether it's the green energy transition, high-tech partnerships, or tourism in its breathtaking Silk Road cities, Uzbekistan stands ready to engage with the world on equal and ambitious terms. A Russian overnight attack on Ukraine's capital has damaged Saint Sophia Cathedral, one of the most famous and cherished monuments in Ukraine and a UNESCO World Heritage site. Officials reported that a blast wave destroyed the cornice on the central apse of the cathedral, damaging the monument that embodies the country's spiritual and cultural heritage. "Last night, the enemy struck at the very heart of our identity again," Ukraine's culture minister Mykola Tochytskyi said after the attack. Tochytskyi said St Sophia Cathedral was "a holy place that has survived through centuries and symbolises the birth of our nationhood." 'The 11th-century cathedral is the soul of all Ukraine. Russia is raging its war not only against our cities, it is waging a war against our culture, memory and future," he emphasised. The management of St Sophia Cathedral has informed UNESCO about the damage caused to the historic site by a recent Russian airstrike, according to Nelia Kukovalska, General Director of the National Reserve "Sophia of Kyiv". Located in Kyiv's historic city centre, St Sophia was initially designed to rival the Hagia Sophia in Istanbul. UNESCO describes it as "a unique monument of architecture and monumental art of the early 11th century, having the biggest preserved collection of mosaics and frescoes of that period." Following Russia's full-scale invasion in early 2022, UNESCO has put St Sophia Cathedral and other historic sites in Ukraine on the UN danger list, saying, "faced with the risk of direct attack, these sites are also vulnerable to the shockwaves caused by the bombing."
Yahoo
05-06-2025
- Business
- Yahoo
Bulgaria to adopt the euro: How do countries join the Eurozone?
The Balkan country of 6.4 million people is to make the switch from its national currency, the lev, to the euro on 1 January. Here are basic facts about the currency union, also called the Eurozone, and how countries join it. The euro is a shared currency and monetary system launched in 1999 when 11 EU member countries irrevocably fixed their currencies to the euro as an accounting currency, then swapped out the national notes and coins in 2002. The EU established the European Central Bank to handle monetary policy and set interest rate benchmarks for member countries, similar to the role of the US Federal Reserve in the US. Countries must meet four criteria: low inflation, keeping deficits and debt under control, low long-term interest rates and a stable exchange rate between their currency and the euro. Countries must go through a two-year 'waiting room' in which their currency does not fluctuate excessively against the euro. The process is meant to demonstrate that their economies are sustainably converging with that of the Eurozone. Once the European Commission determines that requirements have been met, the member governments of the EU decide by what's called a qualified majority vote. Approval needs a minimum of 55% of member states representing at least 65% of the EU population. After joining, countries face rules limiting debt and deficits. Those rules are intended to keep countries from running large deficits that could undermine the euro. The European Commission ruled on Wednesday that Bulgaria has met the requirements, seconded by an opinion from the ECB. The matter now goes to a vote at a meeting of EU finance ministers slated for 8 July. EU officials say the vote is a done deal. Bulgaria is unusual in that it pegged its currency, the lev, to the euro right from the beginning of monetary union in 1999, even before it joined the European Union in 2007. Bulgaria also has very low levels of debt, only 24.1% of annual economic output. That is well below the 60% level set in the economic criteria for Eurozone membership. The last step was getting inflation below the benchmark of 2.8%, or no more than 1.5% higher than the average of the three lowest Eurozone members. There were concerns about the level of corruption and money laundering in the EU's poorest country. The commission and the ECB found however that Bulgaria has made progress in those areas. The most recent Eurobarometer poll carried out by the EU showed that 50% of Bulgarians were opposed and 43% in favour. Reasons include fears of inflation, distrust of official institutions in a country that has had seven governments in four years, and widespread misinformation on social media. The issue has been taken up by pro-Russian nationalist politicians who argue for keeping the national currency. President Rumen Radev stoked anti-euro forces with a proposal for a referendum, which was rejected by parliament. Misinformation included false claims that the euro would allow EU officials to confiscate dormant bank accounts or use a digital euro to control people. On 1 January, only euros will be dispensed from cash machines, though both currencies will circulate in cash for a month. After that, lev notes can be exchanged at banks for 12 months and for an unlimited time at the Bulgarian national bank. In theory, the euro brings means lower interest rates for business and consumers and eases cross-border trade within the eurozone. Companies no longer have to engage in currency exchange transactions or worry that exchange rate shifts will erode their profits or holdings. Travelers no longer have to pay commissions at an exchange booth or on their credit card bill when vacationing or on a business trip to another EU country. Member countries get a seat on the ECB's rate-setting council and so have a voice in Eurozone-wide monetary policy. Countries that join lose some authority over their own economy. They give up their ability set their own interest rates, and face restrictions on government spending and deficits, though those rules have proved flexible in practice. And they can no longer gain competitiveness relative to other countries by allowing their currency's exchange rate to devalue. Bitter memories remain of the debt and economic crisis that shook the Eurozone in 2010-2015. After Greece admitted its deficit and debts were much larger than previously reported, it wound up defaulting on its debts and market turmoil spread to other Eurozone countries. Greece, Portugal, Ireland, Spain, and Cyprus were bailed out with loans by the other Eurozone governments, in return for strict austerity measures that impacted many ordinary people including government workers and retirees. ECB President Mario Draghi is credited with defusing the Eurozone crisis in 2012 by saying that the central bank would do 'whatever it takes' to save the euro. The ECB then said it could intervene in bond markets to support countries hit by turmoil, a safeguard that calmed markets even though it was never used. Later other backstops were added, including a Eurozone bailout fund and moving banking oversight from sometimes-lax national supervisors to the ECB. Countries agree to join the euro as part of joining the EU, but not all have made the effort to meet the economic requirements. There is no time window to join. Denmark was granted an opt out, while Sweden rejected the euro in a 2003 referendum despite not having an opt out and has no target date to join. Other non-members are Czechia, Hungary, Poland and Romania. Officials in Poland, the biggest non-member, have shown little interest in joining despite acknowledging the obligation to join someday. The winner of Sunday's presidential election, Karol Nawrocki, campaigned on keeping the zloty currency. The country's economy has grown strongly without euro membership, doubling in size over the past two decades as its standard of living has almost caught up with Western Europe since emerging from communist rule in 1989.
Bloomberg
04-06-2025
- Business
- Bloomberg
Bulgaria Poised to Join Euro Zone After Winning EU Support
The euro-zone is poised to welcome its 21st member: Bulgaria, a nation of 6.4 million, today won the European Commission's backing to adopt the common currency in 2026. Necessary criteria including inflation and public debt have been fulfilled, according to the Commission and the European Central Bank. Joining the euro-zone would cap an effort that started as early as in 2007, when Bulgaria joined the European Union. There's still work to be done — EU governments, along with the European Parliament, must also give their blessing, and Bulgaria was urged by the ECB to fulfill requirements of the Financial Action Task Force. There's also opposition at home. Bulgaria's pro-Russia president, Rumen Radev, has called the decision into question. And the nationalist Revival party has been seeking a referendum in an attempt to delay accession indefinitely. — The US is refusing to provide air defenses to back a 'reassurance force' the UK and France are planning in a postwar Ukraine, we're told. British Prime Minister Keir Starmer has insisted such a US backstop is necessary to deter Russia from breaching any future ceasefire deal, but European allies have concluded that Donald Trump won't provide the guarantees they have sought. The UK and France remain hopeful the US will continue to provide intelligence as well as surveillance of the border between Ukraine and Russia, sources tell us.
Yahoo
02-06-2025
- Business
- Yahoo
Bulgaria on Track to Adopt the Euro, Supporting the Economic Outlook
Bulgaria's potential adoption of the common currency would support potential growth of around 2.75% a year and accelerate convergence towards average European Union living standards. Bulgaria formally requested that the European Commission (EC) and the European Central Bank (ECB) assess the country's readiness for joining Economic and Monetary Union on 25 February. This was a crucial step that placed the decision about accession in Europe's hands, prudently distancing the decision from persistent domestic political divisions on the subject. Scope Ratings (Scope) expects the ECOFIN Council to approve Bulgaria's accession by 8 July after publication of the special convergence report. Recent feedback from European institutions has favoured Bulgaria's entry. If successful, this would expand the euro area to 21 member states, following Croatia (2023), Lithuania (2015) and Latvia (2014). Bulgaria's efforts at controlling inflation have proven crucial in advancing its bid to join the single currency. Price stability has proven the most challenging of the core euro-convergence criteria in recent years. The harmonised annual inflation rate moderated to 2.8% in April from 4.0% in March. The 12-month-on-12-month rate – the convergence criterion – remained at 2.7% in April, broadly in line with the benchmark of the average of the three euro-area member states with the lowest rates of inflation (France, Cyprus and Luxembourg in April) plus a 1.5pp tolerance margin – totalling 2.8% (Figure 1). Importantly, Bulgaria currently meets the inflation criterion even without the exclusion of outlier countries in the EC's and ECB's calculations – a factor that played a role in Croatia's approval for entry in 2022. Bulgaria has typically had comparatively modest inflation, a trend that may reassert itself. Scope forecasts that consumer-price inflation will average an elevated 3.4% this year before falling to 1.6% next year. Figure 1: Bulgaria meets the final euro convergence criterion as inflation falls Harmonised inflation, annual change, % A primary risk to Bulgaria's accession remains domestic political fragmentation. Sharp divisions between those favouring deeper integration within the EU and those preferring rapprochement with Russia have been reflected in the seven general elections held since 2021. This split has compromised government reforms required for the adoption of the euro, resulting in years-long delays to the process. Divisions about the pace of accession persist within the governing coalition, while pro-Russian opposition group Vazrazhdane (Revival) has called for a referendum on euro adoption to seize on public unease about higher inflation if Bulgaria joins the euro and the fiscal challenges facing some euro area countries. Pro-Russian President Rumen Radev has backed the idea of a referendum, but the right to call one rests with parliament, where the majority of pro-euro parties have rejected the proposal. Radev has referred the matter to the Constitutional Court, but this is unlikely to disrupt the euro-accession timetable. Another concern for accession has been the government's fiscal position. The country has a record of moderate budget deficits and comparatively low public debt. But recent increases in state spending on salaries, pensions, defence and measures to ease the cost-of-living crisis have challenged this record. Nevertheless, the general government deficit was unchanged at 3.0% of GDP last year from the previous year due to strong revenue growth (Figure 2). The authorities have committed to a budget deficit of 3.0% of GDP this year. General government debt will rise steadily, reaching 34% of GDP by 2030 from 24% at end-2024, though remaining among the lowest in the EU. The EC favourably assessed Bulgaria's medium-term fiscal-structural plan for 2025-2028 early last month, which is a positive step for euro adoption, suggesting public finances remain stable and sustainable. Figure 2: Fiscal metrics remain sound, even though deficits are wider and debt is increasing % of GDP For a look at all of today's economic events, check out our economic calendar. Dennis Shen is the Chair of the Macro Economic Council and Lead Global Economist of Scope Group. The rating agency's Macroeconomic Council brings together the company's credit opinions from multiple issuer classes: sovereign and public sector, financial institutions, corporates, structured finance and project finance. Brian Marly, senior analyst of sovereign ratings at Scope and lead sovereign analyst for Bulgaria, contributed to writing this commentary. This article was originally posted on FX Empire Profits, Big Money Inflows Send SEI Shares Higher Bulgaria on Track to Adopt the Euro, Supporting the Economic Outlook Should You Invest in the US Stock Market Now? Portugal: Persistent Political Fragmentation to Test Growth and Fiscal Prospects Uber Picking Up Big Money Inflows Product Performance, Big Money Lift Exelixis Sign in to access your portfolio
Arab Times
01-06-2025
- Business
- Arab Times
Bulgarian nationalists protest government plans to adopt euro currency
SOFIA, Bulgaria, June 1, (AP): Thousands of flag-waving Bulgarians took to the streets of the capital, Sofia, and other major cities on Saturday to protest government plans to adopt the euro and to demand a referendum on the new currency. The protesters, led by civic groups and nationalist parties, sang patriotic songs and shouted slogans like "Freedom for the Bulgarian lev' and "The future belongs to sovereign states.' The anti-euro rally came four days before the Balkan country is expected to receive green light from Brussels to enter the eurozone. The demonstrators in Sofia carried flags of the pro-Russian Vazrazhdane party and a huge banner that read "The battle for the Bulgarian lev is the last battle for Bulgaria.' An increased police presence kept the protest peaceful. Bulgaria joined the European Union in 2007 and remains of its poorest members, plagued by years of instability that has fueled euroscepticism among its 6.4 million citizens. Disinformation campaigns from home and abroad have added fears of economic changes that could bring more poverty. President Rumen Radev encouraged the anti-euro voices by proposing earlier this month a referendum on the currency, citing public concerns over inflation and purchasing power. The proposal was turned down by the pro-European majority in parliament, which accused Radev of acting in favor of Moscow with his last-minute attempt to sabotage the euro adoption, aimed at deepening European integration amid growing geopolitical tensions.
