 COSTS AND BENFITS OF EURO ADOPTION IN BULGARIA: LESSONS LEARNED FROM THE LONG PATH OF BULGARIA TO THE EUROEconomic Science, education and the real economy: Development and interactions in the digital age, 2020, issue 1, 50-68 Abstract: Bulgaria has made a lot of efforts to start the euro adoption process for fifteen years. Despite the stability of the national currency provided by the successfully functioning currency board regime for more than twenty years the BGN is still not allowed in the ERM II.The purpose of this article is to explore the experience of Bulgaria with the adoption of the euro. A dynamic approach is applied by analysing the effects of the process at each stage at three levels: macroeconomic framework, non-financial sector and households. Capitalising on the experience of countries with similar monetary regime the article concludes that nominal convergence is not sufficient to achieve real convergence, and the postponement of the euro adoption ensures a smoother transition of the economy, but deprives it of further incentives for growth and convergence. Keywords: Euro; Euro adoption; ERM II; Convergence (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:vrn:cfdide:y:2020:i:1:p:50-68 Access Statistics for this article Economic Science, education and the real economy: Development and interactions in the digital age is currently edited by Zoya Mladenova More articles in Economic Science, education and the real economy: Development and interactions in the digital age from Publishing house Science and Economics Varna Contact information at EDIRC. |
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