advertisement
Sat, May 26 2012
Bulgaria, Romania, Poland, Czech Republic 'to adopt euro in 2015' - analysts
Photo: J Logan
The Greek financial turmoil could postpone admission of emerging European countries into the eurozone, according to a poll by Reuters among 44 leading analysts.
Bulgaria, the Czech Republic and Poland could adopt the single currency in 2015, with Estonia standing the best chances, expected to lead the pack in 2011.
In autumn 2009, analysts predicted the Baltic country would adopt the euro in 2012.
European policymakers will measure euro aspirants against the Maastricht adoption criteria with a new intensity, according to the poll.
"The euro zone countries will want to be absolutely sure that they are not bringing a new 'Greece' to the club," said Diego Iscaro, economist with Ihs Global Insight.
Other analysts say it is not a matter of who will join the club but who will pack up and leave.
The poll showed that only Estonia will stick to its guns to join the eurozone after finance minister Jurgen Ligi last week announced he expects the country will adopt the euro in 2011.
The analysts singled out keeping budget deficit beneath the three per cent cap as the toughest challenge facing aspirants.
Poland, the region’s best performer, run up a shortfall of 7.2 per cent of GDP, jeopardising the government’s ERM-II target of 2012.
The most daunting challenge facing Bulgaria and Romania is reining in inflation.
Source: Dnevnik.bg
Bulgaria, the Czech Republic and Poland could adopt the single currency in 2015, with Estonia standing the best chances, expected to lead the pack in 2011.
In autumn 2009, analysts predicted the Baltic country would adopt the euro in 2012.
European policymakers will measure euro aspirants against the Maastricht adoption criteria with a new intensity, according to the poll.
"The euro zone countries will want to be absolutely sure that they are not bringing a new 'Greece' to the club," said Diego Iscaro, economist with Ihs Global Insight.
Other analysts say it is not a matter of who will join the club but who will pack up and leave.
The poll showed that only Estonia will stick to its guns to join the eurozone after finance minister Jurgen Ligi last week announced he expects the country will adopt the euro in 2011.
The analysts singled out keeping budget deficit beneath the three per cent cap as the toughest challenge facing aspirants.
Poland, the region’s best performer, run up a shortfall of 7.2 per cent of GDP, jeopardising the government’s ERM-II target of 2012.
The most daunting challenge facing Bulgaria and Romania is reining in inflation.
Source: Dnevnik.bg
-
Print
-
Send via email
- Translate to
-
Share:
Comments
To post comments, please, Login or Register.
Please read the The Sofia Echo forum comments policy.
Chopin 'showed the world that Poles can achieve great things'
Poland celebrates 200th birthday of a national icon
Bulgaria bombarded with forecasts about joining the euro
Senior EU figures have expressed optimism about Bulgaria going over to the common European currency, while few commentators fail to mention Greece’s problems.
EC takes Greece to court for failure to recover illegal tax exemptions
The Greek government is accused of allowing companies to illegally deduct as much as 35 per cent of profits in 2003 and 2004 from their tax base.
MEPs call for stronger European economic governance
More powerful EU financial supervisory bodies and less national interest, MEPs demand.
Papandreou says Greece requires no bailout, just political support from Europe
Papandreou: let's sit down, let's look at how our progress is doing, how we're doing in the stability and growth plan that we have tabled
Relentless pursuit
Russian executives visit Sofia in quick succession to give traction to transnational undertakings, pounding away at Sofia’s resolve
Eurozone produces trade surplus
The first estimate for the euro area trade balance with the rest of the world in December 2009 sees a 4.4 billion euro surplus, compared with a 1.8 billion euro deficit in December 2008.
EU finance ministers split on Greek recovery plan
Remarks from finance ministers attending the Ecofin council meeting showed that not all were persuaded by the plan.
More in this category
Bulgaria secures one-year extension on Belene loan - minister
The option to postpone the due date was contingent on securing 55 million euro for immediate repayment of the amounts loaned by Belgium's Dexia and Japanese bank Mizuho.
Euro zone unemployment at record high
The Eurostat data agency said that unemployment reached 10.9 per cent in March, up from 10.8 per cent in February. The March figure translates to 17.4 million people unemployed in the euro zone.
Sale of Bulgarian telecom BTC faces cancellation – report
Citing three separate sources familiar with the deal, Capital Daily reports that the creditors found offers submitted by three bidders unsatisfactory.
Raiffeisen takes over Polbank
Eurobank EFG is left with a 30 per cent stake in the merged entity but has said it will exercise its put option on the remaining holding.
Global jobs crisis to continue for some time, ILO report says
The narrow focus of many euro zone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe, said the Director of the ILO Institute for International Labour Studies and lead author of the report, Raymond Torres.
Appointments
Employment Agency
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Uniqa
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Kamenitza
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Beiersdorf
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
Hewlett-Packard
Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.
© 2000-2012, Sofia Echo Media Ltd.
Web Design by RIZN
Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted.
Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only
with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site.
Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com.
Sofia Echo Media cannot be held responsible for the statements contained in visitor comments.
The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the
price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes,
and should not be used as a basis for decisions about buying or selling stock options.
- Economedia Group portfolio:
- In Bulgarian:
-
Business:
Капитал,
Кариери,
Пазари,
Ho Re Mag,
Регал,
Градът.bg,
Одит,
Foton.bg,
Online shop
- News: Дневник, Европа, Foreign Policy - България
- IT: IDG.BG, Computerworld, PC World, CIO, Networkworld
- Entertainment: Бакхус
-
In English:
The Sofia Echo
well i love the euro and the idea of unity in europe, so im happy that these states will switch to euro in the coming years. i think that a common currency can actually help trade develop more between states and make travelling easier. apart from the fact that the euro creates a sense of unity in the eu. its true t hat at the moment its going through a tough time but if the right policies are adopted, then maybe the eu will face these problems in the future and the euro would really be serving its purpose. good [...]
Read the full comment luck eu...lets get the euro back on its feet :)
I agree with Mark C. The EUR is dragging down many eurozone countries that would otherwise have solved rising inflation with devalation of currenceies. This is especiallly true of Greece and Italy where currently there is no simple way to burst the pricing bubble. The Lev is clearly over valued in its EUR peg - some say by as much as four times. How can Bulgaria's sustainabily progress at these levels?
ilove bulgaria always will but they will regret this.keep the lev dont go down the same path as spain.
your a country that can think, why does holiday makers come here cheap beers, wines, and cigarettes, and also its a beautiful country, if you want to spoil this dont be a desterney of your own greed. i for one and family have lived here 5 years and if you do this all my assets i will sell and go and i think a lot will do the same as it will get very dear so buy . [...]
Read the full comment
A recent poll in france said that the french missed their old franc at 70% and that tthose who would want to see the franc revived was some 60% It is obvious that those of us living in eurozone have no control over prices etc Inflation of prices since 2000 have been staggering and buying power goes on being reduced. I say stick to the lev and bring back franc deutshmark drachma peseta etc. Why do you think the swiss keep their money?
The Euro is actually dragging Greece down. Back in the old dsys they could simply devalue the Drachma and instantly reduce the value of their debt. They cannot devalue the Euro and since it still remains (in my opinion) over valued, the Greek debt situation looks far worse than it would be if they still had their own currency.
With any luck, the five years reprive will allow our policians to rethink their path to the Euro. Letting the lev go leads the way to inflation and relieves Bulgaria of one of its best economic tools.
Well at least that gives us 5 years before we really get in trouble. Greece is enjoying the Euro at the moment