Real Economic Convergence of Bulgarian Economy in the Euro Area – Evidence and Implications
Real Economic Convergence of Bulgarian Economy in the Euro Area – Evidence and Implications

Author(s): Iskra Hristova-Balkanska
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development, Socio-Economic Research
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: Eurozone; European Economic and Monetary Union; Real economic convergence of Bulgaria; Sustainability and economic catching up
Summary/Abstract: Bulgaria has been applying for membership in the eurozone for years, the main logic being the achievement of a high degree of sustainable economic and monetary convergence. Fulfillment of the nominal criteria under the Maastricht Treaty became the cornerstones for carrying out the conditions set by the ECB first when the country passed through ERM II and subsequently when the country joined the Economic and Monetary Union (EMU) and the euro became its currency. Along with the nominal criteria, a series of additional indicators are also important for the ECB, which shape sustainable macroeconomic stability and contribute to the country's real convergence to the economic and financial structures of the EU. The article aims to highlight some important indicators that show the extent to which Bulgaria has achieved real convergence with the eurozone countries. Will the adoption of the euro contribute to the deepening of this process?

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