BULGARIA'S WAY TO EUROZONE. WITH OR WITHOUT CURRENCY BOARD?
Author: Assistant Professor, PhD, Yanko Hristozov (UNWE)
The present study examines the current state of implementation of the nominal convergence criteria by Bulgaria and the opportunities for accession to the Exchange Rate Mechanism II. Particular attention is paid to the stability of the existing currency board and comment on various options related to its preservation or removal, in reference to the membership of Bulgaria in the Eurozone. At the end of the analysis the author has identified prospects, an attempt to outline the best scenarios for the next years. Main thesis of the author is that saving the currency board is a good option until Bulgaria joins the Eurozone, in which case the country will be faced with less turbulence and inflationary risks in the introduction of the Euro.