Bulgaria in the Divided States of Europe
Well, it is official – we are living in a two-speed Europe. The big question for Bulgaria is which side it should be on.
Officially, Bulgaria has signed up to the "core", a 23-member new pact, which will be supposed to act as a block.
The benefits of this decision however are far from clear. If the pact means higher levels of taxation, this is suicide for Bulgaria's economy – low taxes are the only thing that keeps investors here. Besides we may end up short of breath while racing in the fast-speed lane, where new and stricter rules will certainly be imposed.
Despite considerable antagonism towards Britain - it stayed out of the pact in what is seen in Brussels as Europe's hour of need – if we had sided with it, we would have been in the club that pursue more liberal, market-oriented policies. No need to pay off Greece or Italy's debts, no higher taxes, no French-like government-controlled economy.
The single currency has always been a creature of politics, not economics and finance.
The big question for Europe now is whether Cameron has made a grievous mistake with regard to Britain's long-term interests.
The big question for Bulgaria now is whether Borisov has made a grievous mistake with regard to Bulgaria's long-term interests.
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