Присъединяване на България към Еврозоната – правни аспекти
Accession of Bulgaria to the Eurozone – legal aspects

Author(s): Nikolay Boshnakov
Subject(s): Law, Constitution, Jurisprudence, EU-Legislation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Eurozone accession; Economic and Monetary Union; legal aspects; legal and institutional reforms; Bulgaria
Summary/Abstract: The paper is oriented towards some basic aspects of the process of accession of Bulgaria to the Eurozone assuming some necessary changes in the national legal environment. Focus is put on the establishment, development and operation of the Eurozone and the Economic & Monetary Union where the legal framework is outlined for these institutions. The status and challenges of the process of Eurozone enlargement are presented, with an emphasis on the necessary legal and institutional reforms in Bulgaria that will facilitate the adoption of Euro. A thesis is suggested for the success of the processes of accession of Bulgaria to the Eurozone as dependent on the implementation of sustainable and systemic policy towards the assurance of the stability of both bank and non-bank financial sector. A key role in this process plays the provision of effective procedures on insolvency as well as against the money laundry. A fundamental assumption for this success is the firm commitment to reforming the judiciary system and the policies supporting the counteraction to organized crime necessary for the provision of sustainability and trust to Bulgarian financial system.

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