The “New Clothes” of the European Union

The article is devoted to the economy and economic governance of the European Union and its eurozone. It presents five of the most important challenges/issues, the realization of which is of crucial significance for the EU, but at the same time does not give sufficient reasons for optimism. Under the sign of the allusion to the fairy tale of Hans Christian Andersen „The Emperor‘s New Clothes“ - in moderately critical style are considered the „Europe 2020“ strategy, the Economic and Monetary Union (incl. the Eurozone), the debt crisis, the macroeconomic imbalances and budget/Multiannual Financial Framework. Based on evaluations made by the institu­tions/bodies of the European Union, as well as on the assessments of well-established in these fields Bulgarian and foreign researchers, the author puts an emphasis on those aspects of the Union‘s economy and governance, which not only could be rated as unsatisfactory, but also serious „cracks“ could be expected. Prevails the view that, as in other areas, in the economy and the economic policy, there is also too much talk, promises, bureaucracy and distancing from the values/achievements of the Union, especially at a time when Europe was „a role model“ and Eu­ropeans were among “the happiest in the world“. As in the aforementioned fairy tale - „the pa­rade continues“ with the emperor “dressed” in his imaginary mantle, the same way in the Euro­pean Union are observed more and more flaws, indecision, lack of adequate position, hypocrisy, etc. which are not sufficiently addressed