How many Times were Diplomatic Relations between Russia and Bulgaria Severed
If we look at history, there are not many cases in which relations between Bulgaria and Russia at the state level were as bad as they are at the moment.
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Photo by Yuliana Nikolova (Sofia Photo Agency)
A research report by UniCredit recommended on Monday that Bulgaria joined the ERM-2 mechanism "sooner rather than later".
The ERM-2 is often called the euro "waiting room", because after two years of surveillance by the European Central Bank (ECB), a country can adopt the euro - and Bulgaria is already close enough to meeting the requirements for it to join as early as next year.
The bank's experts believe that joining the ERM-2 can become a strong guarantee for pressing ahead with the still missing reforms. Furthermore, it will urge local politicians to explain to their fellow countrymen why these reforms, although sometimes painful, best serve the public interest and need to be carried out.
Now, call me cynical and suspicious, but I am convinced that the outcome will be exact opposite, just as it has been with judiciary reform.
Bulgaria has made some positive noises in that direction, enough to persuade the EU to let it in, but there have been little development in the six months that have passed since then.
The ECB is fully justified in its belief that by letting Bulgaria into the "waiting room", it would effectively tie its hands and give up what little levers of influence it has in keeping Bulgaria from straying from the path of painful, but needed, reforms that aim to bridge the productivity gap with the rest of the bloc.
Bulgarian politicians have proved repeatedly that they are quite liberal with pledges of future change, but quite stingy when it comes to delivering on their promises.
So, for Bulgaria's sake and the sake of the European economy, dear commissioners, please, don't repeat your mistakes and wait for some tangible results before allowing Bulgaria into the euro-zone.
The ERM-2 is often called the euro "waiting room", because after two years of surveillance by the European Central Bank (ECB), a country can adopt the euro - and Bulgaria is already close enough to meeting the requirements for it to join as early as next year.
The bank's experts believe that joining the ERM-2 can become a strong guarantee for pressing ahead with the still missing reforms. Furthermore, it will urge local politicians to explain to their fellow countrymen why these reforms, although sometimes painful, best serve the public interest and need to be carried out.
Now, call me cynical and suspicious, but I am convinced that the outcome will be exact opposite, just as it has been with judiciary reform.
Bulgaria has made some positive noises in that direction, enough to persuade the EU to let it in, but there have been little development in the six months that have passed since then.
The ECB is fully justified in its belief that by letting Bulgaria into the "waiting room", it would effectively tie its hands and give up what little levers of influence it has in keeping Bulgaria from straying from the path of painful, but needed, reforms that aim to bridge the productivity gap with the rest of the bloc.
Bulgarian politicians have proved repeatedly that they are quite liberal with pledges of future change, but quite stingy when it comes to delivering on their promises.
So, for Bulgaria's sake and the sake of the European economy, dear commissioners, please, don't repeat your mistakes and wait for some tangible results before allowing Bulgaria into the euro-zone.
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