Bulgaria on the Road to the Eurozone: Nominal Convergence Criteria and Policies Adjustment
Bulgaria on the Road to the Eurozone: Nominal Convergence Criteria and Policies Adjustment

Author(s): Tatiana Houbenova-Delisivkova
Subject(s): Politics / Political Sciences, Politics, Economy, National Economy, Business Economy / Management, Economic policy, EU-Approach / EU-Accession / EU-Development
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: European integration; EMU; Maastricht criteria; financial stability; EU reforms in the financial sector; financial integration
Summary/Abstract: The paper discusses the adjustment of the Bulgarian economy to the integration process in the EU and the European Monetary Union as regards the prospects to join the EMU. The еconomic and financial integration of Bulgaria since the start of its official membership in 2007 coincided with the Global financial and economic crisis and with the European sovereign crisis in the European Moneraty Union (EMU) as the "core" of the EU integration. The last decade the integration process has been challenged by the deep institutional reforms as crucial for deepening and enlarging the EMU. The macroeconomic performance of Bulgaria is revealed with regard to the compliance with the macroeconomic nominal convergence criteria for the EMU. The real convergence is discussed to outline the ongoing reforms to speed up economic growth and competitiveness in compliance with the EU law and regulation. Conclusions and future prospects are summarized for the Bulgaria’s EMU entry as a challenge and opportunity for further integration of Bulgaria the EU.

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