ПРОБЛЕМИ И ПРЕДИЗВИКАТЕЛСТВА ПРЕД СТРАНИТЕ‒ЧЛЕНКИ НА ЕВРОЗОНАТА ПО ИЗПЪЛНЕНИЕ НА КРИТЕРИИТЕ ПО ПРОЦЕДУРАТА ПРИ МАКРОИКОНОМИЧЕСКИ ДИСБАЛАНСИ
PROBLEMS AND CHALLENGES TO EURO AREA MEMBER STATES IN IMPLEMENTING THE CRITERIA FOR THE MACROECONOMIC IMBALANCE PROCEDURE

Summary/Abstract: This paper explores the main fiscal challenges faced by the current and future euro area members. Its importance is related with the fact that the tracking of the values and the future trends of the main macroeconomic indicators has a preventive effect for maintaining the stability of the euro area. The study supports the view that to prevent potential disturbances in the financial stability of the euro area in the context of economic uncertainty, it is important for each Member State or candidate for the euro area to monitor in-dicators that influence the overall monetary, fiscal, financial and economic stability, in the form of macroeconomic imbalances. Based on this research, it aims to show the problematic areas in the macroeconomic and budgetary behaviour of the countries in the euro area and that of Bulgaria as a country with ambitions for joining the Economic and Monetary Union. Our findings suggest that Bulgaria's accession to the euro area would pose a risk to the coun-try in terms of key indicators such as real effective currency exchange rate, deflated home prices and current account balance.

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