ECONOMIC CONVERGENCE IN THE EU AND BULGARIA

Iskra Balkanska

Journal of Financial and Monetary Economics, 2017, vol. 4, issue 1, 178-190

Abstract: The present research is devoted to "economic convergence" in the sense of "economic catch-up" and the convergence of the macroeconomic indicators and the living standards of the new EU Member States from Central and Eastern Europe with those of the developed economies of the EU. It is clarified that the economic and social development and territorial integrity of the EU are dependent on the successful convergence of the Member States and not only on that of the separate levels. Тhe European Structural Funds (ESF) are introduced in order to overcome the economic and social disparities in the EU, as they are the main mechanisms for overcoming these significant differences. With the entry into force of the Maastricht Treaty, compliance with the nominal economic indicators becomes a prerequisite for entry into the euro area. The establishment of the Economic and Monetary Union (EMU) is the most significant element of economic integration into the EU. The question arises: to what extent does the EMU contribute to the economic convergence of the Member States? According to the Accession Treaty to the EU, Bulgaria must join the EMU. The main question raised in this research is how does the economic convergence of Bulgaria with the new EU Member States and the developed economies of the EU take place.

Keywords: economic convergence; neoliberal model of the Economic and Monetary Union (EMU); differences in gross domestic product (GDP) per capita in the EU (search for similar items in EconPapers)
JEL-codes: Q47 (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:vls:rojfme:v:4:y:2017:i:1:p:178-190

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