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The Preparation Process For Joining The Euro Area: The Case Of Bulgaria

Author

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  • Dorina Clichici

Abstract

In June 2018, the Bulgarian government formally expressed its willingness to adopt the euro by initiating the entry into the European Exchange Rate Mechanism (ERM-II) and by committing to the close cooperation agreement with the European Central Bank (ECB). Although Bulgaria fulfils the nominal convergence criteria, excepting the participation into ERM-II, the legislative convergence necessary for the euro adoption is not yet met.The purpose of the article is to present the recent measures taken by the Bulgarian authorities to join the ERM-II and to analyse the readiness of Bulgaria's economy to adopt the single currency in the light of the Maastricht criteria and the legislative convergence.

Suggested Citation

  • Dorina Clichici, 2019. "The Preparation Process For Joining The Euro Area: The Case Of Bulgaria," Euroinfo, Institute for World Economy, Romanian Academy, vol. 3(1), pages 23-33, January.
    • Handle: RePEc:iem:eurinf:v:3:y:2019:i:1:p:23-33
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    More about this item

    Keywords

    Bulgaria; Eurozone; nominal convergence; legislative convergence; European Exchange Rate Mechanism;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E43 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Interest Rates: Determination, Term Structure, and Effects
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination

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