Send to Kindle
Johns Hopkins economist Steve Hanke is known as the "father" of the currency board in Bulgaria. Photo by BGNES
Bulgaria's number one problem is corruption, Johns Hopkins economist Steve Hanke, who designed the currency board in Bulgaria in the 1990s, has reiterated.
Speaking Thursday before the Bulgarian National Radio, he stated the West was overlooking important for Bulgarians issues.
Regarding the country's new Cabinet, led by Prime Minister, Plamen Oresharski, Hanke explained he did not know him in person, but stressed that in general it was good to have at the post a former finance minister and finance expert, who knows the rules of forming the State budget.
According to the Professor, it was assuaging that Bulgaria does not intend to remove the currency board.
In addition to corruption, Hanke listed two other top problems before Bulgaria – healthcare and the energy sector.
"Corruption is the huge problem here and the only way to reduce it is to cut on State expenditures and simplify government regulations, but I have not yet seen any plans of the new Cabinet in this direction," said he.
Hanke further noted that the country was doing close to nothing in the healthcare sector in implementing the much needed reforms.
He stressed reforms were also a must in the energy sector in order to turn it competitive.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
As of January 1, 2023, the European Union (EU) has a population of 448.8 million people. Germany is the most populous EU country, with 84.4 million residents (19% of the EU total),
Bulgaria is one of the nine EU member states that did not sign a declaration supporting the advancement of LGBTQ+ rights in Europe
Bulgaria's President Rumen Radev expressed concern over the recent actions and rhetoric of politicians in North Macedonia, emphasizing the need to move beyond the election campaign phase
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
The Russian Foreign Ministry has referred to the Bulgarian government as a "ruling regime," criticizing its handling of Victory Day commemorations and Europe Day events
In 2023, the adoption of electronic business applications among enterprises in the EU varied considerably based on their size
In April, inflation across the European Union remained steady, with both the EU and the Eurozone recording a rate of 2.6% and 2.4%, respectively, according to data from Eurostat, the official statistics agency of the EU
Julian Voinov, an economist and financial expert, expressed optimism regarding Bulgaria's potential adoption of the euro in 2025 or early 2026
This was stated by the Governor of the Bulgarian National Bank at the international conference "Bulgaria in the Eurozone, When?" in Sofia
Former Finance Minister Simeon Dyankov has suggested that Bulgaria's potential entry into the Eurozone may not materialize before 2026
In the initial quarter of 2024, Bulgaria's economy expanded by 0.4%, as per an expedited evaluation by the National Statistical Institute (NSI), a slight deceleration from the 0.5% growth witnessed in the final quarter of the preceding year
According to Levon Hampartzoumian, the likelihood of Bulgaria joining the Eurozone in 2025 is very slim, as no country has ever entered during the middle of the year
Sofia Airport's Terminal 3 Construction Set to Begin in Early 2026
COVID-19 Impact: Bulgaria's Grim Milestone as Highest Death Rate in EU
