poiuytrewq0987
03-20-2010, 02:22 PM
Bulgaria's aspirations to join the euro zone may be rewarded in no less than two decades, according to a leading European analyst.
"It is hard to predict the exact timing, but before it joins the euro zone, Bulgaria will have to have obtained compete convergence not only in terms of fiscal requirements, but also in terms of salaries, which should be measurable with the ones in Germany for instance,” Daniel Gros, Director of Centre for European Policy Studies, told the Bulgarian National Radio.
Gros stressed that though this is not the first time that Bulgaria voices willingness to join ERM II, the waiting room of the eurozone, this time the institutions are once again skeptical about its readiness.
In his words the European Central Bank is very cautious because it fears that despite the good budget indices that Bulgaria has now, a fast entry into the eurozone can lead to a shocking economic and price booms, which will bring about bankruptcies and collapses of whole sectors.
“That would put under pressure the whole eurozone, that's why the common feeling is that Bulgaria will have to wait a few years before joining,” Gros pointed out.
http://novinite.com/view_news.php?id=114402
I don't really see the point of joining the monetary union. I mean the Bulgarian lev is already nearly of similar value of the euro. Am I missing the big picture or what?
"It is hard to predict the exact timing, but before it joins the euro zone, Bulgaria will have to have obtained compete convergence not only in terms of fiscal requirements, but also in terms of salaries, which should be measurable with the ones in Germany for instance,” Daniel Gros, Director of Centre for European Policy Studies, told the Bulgarian National Radio.
Gros stressed that though this is not the first time that Bulgaria voices willingness to join ERM II, the waiting room of the eurozone, this time the institutions are once again skeptical about its readiness.
In his words the European Central Bank is very cautious because it fears that despite the good budget indices that Bulgaria has now, a fast entry into the eurozone can lead to a shocking economic and price booms, which will bring about bankruptcies and collapses of whole sectors.
“That would put under pressure the whole eurozone, that's why the common feeling is that Bulgaria will have to wait a few years before joining,” Gros pointed out.
http://novinite.com/view_news.php?id=114402
I don't really see the point of joining the monetary union. I mean the Bulgarian lev is already nearly of similar value of the euro. Am I missing the big picture or what?