The Rector Awarded to Valdis Dombrovskis the Honorary Title of Doctor Honoris Causa of UNWE

In his academic speech Valdis Dombrovskis pointed out that for Bulgaria the Recovery and Sustainability Mechanism is a unique opportunity to invest in the future - to increase the competitiveness and to manage the social cohesion and growth. He added that today more than ever Bulgaria needs to move forward with the implementation of its plan. He pointed out that there is one important area that is of particular interest for Bulgaria - the path to joining the euro and added: "The euro is a great advantage for Europe. Since its creation 20 years ago, the euro has become a symbol of Europe's strength, unity and solidarity. As we found in Latvia, the euro is also a stabilizing force. Like any country preparing to adopt the euro, Bulgaria must first meet the four convergence criteria: price stability, exchange rate stability, sound public finances and interest rate convergence. As a whole we see that Bulgaria probably will meet the convergence criteria on long-term interest rates, the exchange rate stability within ERM II and the sound public finances. The main issue is the price stability criterion which Bulgaria has not yet met. Today's global highly inflationary environment makes this task much more difficult. Adverse external circumstances are delaying Bulgaria's plans to join the euro. However, joining the euro area should remain the ultimate goal and should be implemented as soon as all conditions are met. The European Commission will continue to work closely with Bulgaria to support the efforts to join the euro area", said Valdis Dombrovskis.