Bulgaria's Readiness for Eurozone Entry Questioned by Economist

Business » FINANCE | June 17, 2024, Monday // 12:05
Bulgaria: Bulgaria's Readiness for Eurozone Entry Questioned by Economist

Petar Ganev, an economist from the Institute of Market Economy, discussed Bulgaria's readiness for joining the Eurozone in an interview with BNR, noting that the upcoming regular convergence report will likely indicate the country is not prepared. Ganev emphasized the necessity of a government capable of leading high-level discussions and implementing consistent policies for a smooth transition towards Eurozone integration, cautioning against hasty moves without strategic planning.

Regarding Bulgaria's progress towards meeting the inflation criterion, Ganev used an analogy, suggesting the country is nearing the target but needs sustained stability to ensure compliance over time.

In addressing inflation risks, the economist highlighted ongoing debates about potential volatility in Europe amid current geopolitical uncertainties. He underscored that while adopting the Law on the Euro is a critical regulatory step towards membership, the real challenges lie in achieving political consensus and meeting all necessary criteria.

Looking ahead, Ganev commented on the financial outlook under the next finance minister, anticipating a broader budget and emphasizing the importance of smart resource management. He noted that there is room for policies aimed at benefiting the populace, supported by manageable operational budgeting.

Ganev also remarked on Bulgaria's evolving wage policies, noting significant growth in both public and private sector salaries. He dismissed the previous notion of keeping wages low for competitiveness, suggesting that the approach has shifted.

Regarding Bulgaria's Recovery and Sustainability Plan, Ganev stressed the long-term significance of the reforms and policies outlined within it. He emphasized the need to maintain continuity beyond the plan's lifespan, ensuring sustained adherence to its framework for future economic stability and growth.

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Tags: Eurozone, euro, Ganev, Bulgaria

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