КАКВО ГУБИМ И КАКВО ПЕЧЕЛИМ ОТ ПРИЕМАНЕТО НА ЕВРОТО В БЪЛГАРИЯ: УРОЦИТЕ ОТ ДЪЛГИЯ ПЪТ НА БЪЛГАРИЯ КЪМ ЕВРОТО
COSTS AND BENFITS OF EURO ADOPTION IN BULGARIA: LESSONS LEARNED FROM THE LONG PATH OF BULGARIA TO THE EURO

Author(s): Daniela Bobeva
Subject(s): Economy, Financial Markets
Published by: Икономически университет - Варна
Keywords: euro; euro adoption; erm II; convergence
Summary/Abstract: Bulgaria has made a lot of efforts to start the euro adoption process for fifteen years. Despite the stability of the national currency provided by the successfully functioning currency board regime for more than twenty years the BGN is still not allowed in the ERM II.The purpose of this article is to explore the experience of Bulgaria with the adoption of the euro. A dynamic approach is applied by analysing the effects of the process at each stage at three levels: macroeconomic framework, non-financial sector and households. Capitalising on the experience of countries with similar monetary regime the article concludes that nominal convergence is not sufficient to achieve real convergence, and the postponement of the euro adoption ensures a smoother transition of the economy, but deprives it of further incentives for growth and convergence.

• Details
• Contents