Дългият път на България към еврозоната
The Long Road of Bulgaria Towards Euro Area

Summary/Abstract: For two decades the Bulgarian economy has been functioning under a monetary regime of currency board that pegs our national currency to the euro. Thanks to the currency board, the introduction of the euro in our country can take place without any particular shocks to the economy. In recent months, Bulgaria's prospect of adopting the euro is becoming more and more real. But if the country joins ERM II, it will face many other challenges, which may take several years, even a decade, to overcome. Among the main obstacles are: achievement of real convergence; restoring the confidence of our European partners in the Bulgarian national bank and in the Bulgarian institutions, which has seriously deteriorated in recent years; convincing the public to the benefits of deeper European integration. On the other hand, uncertainty remains about the future design of the euro area and the EU in the light of ongoing reforms. After all, if Bulgaria chooses the euro, its place in the European Union will have a greater weight.

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