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Sat, Feb 11 2012
Bulgaria can adopt the euro only when the crisis has passed - Finance Minister
Bulgarian Finance Minister Plamen Oresharski
Photo: Assen Tonev
The adoption of the euro is a secondary priority for Bulgaria to securing macroeconomic stability and a prudent fiscal policy, Finance Minister Petar Oresharski said in Brussels.
In an interview with Bloomberg after a session of the Economic and Financial Affairs Council (Ecofin), Oresharski said that Bulgaria’s entry into the European exchange rate mechanism ERM 2 and the subsequent adoption of the euro could happen only when the economic crisis had subsided.
Oresharski reiterated his upbeat forecast about the Bulgarian economy this year, saying that the Government expected a rise in the range zero to two per cent, where zero growth was the downbeat scenario.
Echoing the calls by rating agency Moody’s, Oresharski said that Bulgaria should not be put on a par with Romania, which had reached out for international financial assistance and had a free-floating currency. Bulgaria, on the other hand, has a currency board pegging the lev to the euro, a comfortable fiscal reserve and a surplus of three per cent last year.
Source: Dnevnik.bg
In an interview with Bloomberg after a session of the Economic and Financial Affairs Council (Ecofin), Oresharski said that Bulgaria’s entry into the European exchange rate mechanism ERM 2 and the subsequent adoption of the euro could happen only when the economic crisis had subsided.
Oresharski reiterated his upbeat forecast about the Bulgarian economy this year, saying that the Government expected a rise in the range zero to two per cent, where zero growth was the downbeat scenario.
Echoing the calls by rating agency Moody’s, Oresharski said that Bulgaria should not be put on a par with Romania, which had reached out for international financial assistance and had a free-floating currency. Bulgaria, on the other hand, has a currency board pegging the lev to the euro, a comfortable fiscal reserve and a surplus of three per cent last year.
Source: Dnevnik.bg
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I cannot understand why everyone in Bulgaria is so eager to join the EUR? Probably nobody is aware that continuing with the Currency Board or even join ERM leads to a much longer economic recovery process after the crises and most likely also leads to salary reductions for Bulgarians. Why? Because when the other SEE countries are devaluating their currancies (which is painful in the beginning) but on the longer run their products and services gets more attractive for export and investment (compared to EUR). Which means they will get a enormous competitive advantage against those countries, which are not [...]
Read the full comment devaluating and will recover more quickly. So if Bulgaria is joining the ERM or continuing the Currency Board in order to stay attractive for foreign investment the prices of the goods and services has to reduce (and subsequent) also the salaries. Another way could be instead of decreasing prices to improve quality, but from the current perspective this much more difficult for Bulgarian, especially in a short time period, even impossible !