The Bulgarian Academy of Sciences, BAS, has awarded the honorary title of Doctor Honoris Causa to Professor Steve Hanke, a renowned economis and the architect of Bulgaria's currency board regime.

The official ceremony will be held on July 15, 2013 in the Big hall of the main building of BAS in the capital Sofia, according to a media statement of BAS.

Steve Hanke is a Professor of Applied Economics at the Johns Hopkins University in Baltimore, the US.

He became popular in Bulgaria as the person who designed the currency board as he served as an advisor to the then President Petar Stoyanov at the time of its introduction during the crisis of 1996-1997.

He is also a well-known proponent of monetary regimes.

During his previous visit to Bulgaria at the end January, Steve Hanke praised the country as a star pupil in terms of fiscal discipline.

He firmly denied allegations that the rigidity of the currency board system prevents economic development and ruled out the need for Bulgaria to phase out its currency board

Bulgaria today would not only meet the Maastricht Treaty's criteria for joining the euro zone - it would be one of its star members, a point that Hanke stressed upon.

In his words, however, the adoption of the euro would trigger "a real mess" in Bulgaria.

Hanke recommended shrinking further the state, saying this is the only way to fight corruption.