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The Euro and Bulgaria – Fears and Hopes

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  • Victor Yotzov

Abstract

The political passions of the last three years have prevented the general public from appreciating the long-awaited event – the accession to ERM II, which is undoubtedly an important achievement and the last step towards full membership of the Eurozone. In a broader sense, the monetary union can be considered as a preparatory stage for the transition of the European Union to the next form – Political Union. In practice, however, this does not happen, and the eurozone expansion process is currently slowing down. The main goal of the proposed article is to dispel some of the fears that have been instilled in recent months, related to the upcoming accession of Bulgaria to the Eurozone. The main theoretical concepts regarding the benefits and disadvantages of joining a monetary union are examined. The initial prerequisites, the structure and functioning of the modern monetary regime, as well as some of the peculiarities in the development of the Bulgarian economy, are analysed.

Suggested Citation

  • Victor Yotzov, 2023. "The Euro and Bulgaria – Fears and Hopes," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 3, pages 3-18.
    • Handle: RePEc:bas:econst:y:2023:i:3:p:3-18
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    File URL: https://www.iki.bas.bg/Journals/EconomicStudies/2023/2023-3/01_Victor-Yotzov.pdf
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    References listed on IDEAS

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    1. Stefan Petranov & Dimitar Zlatinov & Ilia Atanasov, 2022. "The Shadow Economy in Bulgaria During the Period 2006-2019," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 3-18.
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    More about this item

    JEL classification:

    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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