Bulgaria sets price controls as euro transition nears
The move comes after European Union finance ministers set the conversation rate of the Bulgarian lev to the euro this month, the final step for Bulgaria to become the 21st member of the euro zone.
Last month EU finance ministers gave formal support to the Bulgaria joining the euro after positive assessments of the country's readiness from the European Commission and the European Central Bank.
The law includes a grace period lasting until October 8 during which businesses are expected to begin dual labelling of prices and issue receipts showing amounts in both lev and euros, parliament's website said.
The legislation will enable the government to implement temporary countermeasures in case that the prices of basic staples and services rise sharply.
Sanctions for traders found to manipulate the prices unfairly will range from 2,556 euros ($2,930) to 511,290 euros ($586,245), and large retailers will be required to post the final sale prices of all basic staples and services on their websites daily under the law.
Bulgaria has been striving to switch from the lev to the euro since it joined the European Union in 2007. But many Bulgarians have lost their initial enthusiasm, with 50% now sceptical about the euro and fearing the currency switch will drive up prices.
Croatia was the last EU member country that joined the grouping at the start of 2023, and the accession of Bulgaria in 2026 will leave only six of the 27 EU countries outside it: Sweden, Poland, Czech Republic, Hungary, Romania and Denmark.
($1 = 0.8721 euros)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Glasgow Times
an hour ago
- Glasgow Times
Ryanair boarding pass policy to change to paperless system
From November, the budget airline will be moving to paperless boarding passes. This means that passengers will no longer download and print a physical paper boarding pass. Here is all you need to know about the change and how it will affect you. What's the best seat to book on a plane? Ryanair boarding pass policy to change to paperless system Currently, Ryanair offers different options regarding its boarding passes. Customers can print out a physical paper boarding pass at home to bring with them, or by using the app, can get a 'mobile pass'. There is also an option to request a paper boarding pass at the airport for £55. As of November, later this year, Ryanair will introduce a new boarding pass policy, which will not allow its passengers to print physical paper copies. Ryanair passengers will use the digital boarding pass generated in their 'myRyanair' app during check-in instead. While the internet is needed to access the boarding pass, once downloaded, it can be displayed without internet. When discussing the possibility of a phone dying or breaking at an airport, Ryanair told Which? that they will be "assisted by staff at the gate" and their details will be "cross-checked and validated against our flight manifest and boarded as normal". Ryanair says almost 80% of the airline's 200 million passengers already use this digital boarding pass, and that the move will enable passengers to reduce their carbon footprint by eliminating unnecessary paper, saving over 300 tonnes in paper waste each year. It also said that using the myRyanair app also "enhances customers' travel experience". Other app functions include an order to seat feature, live flight information and updates, terminal, gate and boarding status updates, and more. On the change, Ryanair CMO, Dara Brady, said previously: 'This move to 100% paperless boarding passes will allow us to deliver an enhanced travel experience for customers. "Like other ticket industries (concert, sports venues, rail, etc.) there has been a massive switch to using mobile, and with almost 80% of Ryanair customers already using the myRyanair app, it is time to transition the remaining passengers to digital, which will see them reduce their carbon footprint and receive a smoother and enhanced travel experience." Your rights if your flight is cancelled or delayed It is important to note that Turkey and Morocco do not accept mobile boarding passes yet, according to Ryanair's website. So if you are travelling to these countries, you will still need to print a copy off if you're heading to either of those countries. Other changes to Ryanair policy The upcoming change is not the only one Ryanair has seen, with the airline also increasing the size of the underseat 'free bag' following an EU rule change. It currently allows people a small "personal bag" that must fit under the seat in front for free, which must be less than 40x25x20cm. Recommended reading: Under new rules, this would increase to 40x30x20cm. Despite it only being a 5cm increase, the volume will be 24 litres instead of 20 litres. The date for the change isn't clear yet, but Ryanair said the change would be "implemented over the coming weeks, as our airport bag sizers are adjusted" - and would mean it's exceeding the EU's recommended minimum size.
The Herald Scotland
an hour ago
- The Herald Scotland
Ryanair boarding pass policy to change to paperless system
This means that passengers will no longer download and print a physical paper boarding pass. Here is all you need to know about the change and how it will affect you. What's the best seat to book on a plane? Ryanair boarding pass policy to change to paperless system Currently, Ryanair offers different options regarding its boarding passes. Customers can print out a physical paper boarding pass at home to bring with them, or by using the app, can get a 'mobile pass'. There is also an option to request a paper boarding pass at the airport for £55. As of November, later this year, Ryanair will introduce a new boarding pass policy, which will not allow its passengers to print physical paper copies. Ryanair passengers will use the digital boarding pass generated in their 'myRyanair' app during check-in instead. While the internet is needed to access the boarding pass, once downloaded, it can be displayed without internet. When discussing the possibility of a phone dying or breaking at an airport, Ryanair told Which? that they will be "assisted by staff at the gate" and their details will be "cross-checked and validated against our flight manifest and boarded as normal". Ryanair says almost 80% of the airline's 200 million passengers already use this digital boarding pass, and that the move will enable passengers to reduce their carbon footprint by eliminating unnecessary paper, saving over 300 tonnes in paper waste each year. It also said that using the myRyanair app also "enhances customers' travel experience". Other app functions include an order to seat feature, live flight information and updates, terminal, gate and boarding status updates, and more. On the change, Ryanair CMO, Dara Brady, said previously: 'This move to 100% paperless boarding passes will allow us to deliver an enhanced travel experience for customers. "Like other ticket industries (concert, sports venues, rail, etc.) there has been a massive switch to using mobile, and with almost 80% of Ryanair customers already using the myRyanair app, it is time to transition the remaining passengers to digital, which will see them reduce their carbon footprint and receive a smoother and enhanced travel experience." Your rights if your flight is cancelled or delayed It is important to note that Turkey and Morocco do not accept mobile boarding passes yet, according to Ryanair's website. So if you are travelling to these countries, you will still need to print a copy off if you're heading to either of those countries. Other changes to Ryanair policy The upcoming change is not the only one Ryanair has seen, with the airline also increasing the size of the underseat 'free bag' following an EU rule change. It currently allows people a small "personal bag" that must fit under the seat in front for free, which must be less than 40x25x20cm. Recommended reading: Under new rules, this would increase to 40x30x20cm. Despite it only being a 5cm increase, the volume will be 24 litres instead of 20 litres. The date for the change isn't clear yet, but Ryanair said the change would be "implemented over the coming weeks, as our airport bag sizers are adjusted" - and would mean it's exceeding the EU's recommended minimum size.
Finextra
2 hours ago
- Finextra
Growing pains: Evolving core banking for an age of AI
What are the main barriers preventing European banks from fully modernising core systems? What lessons can they learn from digital-native and AI-infused platforms about agility and data strategy? As regulatory complexity increases, how are financial institutions balancing transformation speed with compliance? In Western Europe's mature banking environment, is modernisation more about cost efficiency or growth through innovation? And what are the key perceived risks for not modernising in the next 24 months? How are European banks prioritising ESG, AI, and cloud strategy across their digital roadmaps? What success measures or KPIs define a successful digital transformation? Every day, banks are increasingly feeling the modernisation imperative. Market demands, technology innovations, and consumer expectations are changing at a pace that many core systems are no longer capable of matching. In fact, Temenos research finds that 81% of banks believe that not implementing artificial intelligence (AI) will cause them to will fall behind competitors. Yet no bank can leverage the opportunities of AI and other innovative tech solutions without first modernising their core systems. So what is the latest state of play of technology modernisation among European banks? Artificial intelligence (AI) and agentic banking transform fraud prevention, personalisation and automation, but as the core continues to be modernised, data will be key to gain insights into what customers want and expect. As regulatory pressure increases, European banks need to balance agile product innovation with compliance needs, ensuring requirements for DORA and PSD3, among others, are met without stifling modernisation budgets. How are banks balancing innovation and compliance? Crucially, how can the C-suite determine what constitutes a successful transformation? Modernisation strategies need to ensure realistic, precise KPIs to ensure progress and effectiveness of the transformation can be measured. Register for this Finextra webinar, hosted in association with Temenos, to join our panel of industry experts who will discuss the state of play for modernisation in Europe and how banks are approaching product innovation under regulatory pressures.
