Sat, Nov 21 2009

BULGARIA COULD JOIN EURO ZONE AHEAD OF OTHER EU COUNTRIES

Wed, Oct 05 2005 01:00 CET 559 Views

Bulgaria might accept the Euro before Poland, the Czech Republic and Hungary. The country may join the euro zone in 2009. This would be one of the main challenges in the strategy of the Bulgarian National Bank (BNB), BNB representative and advisor Kalin Hristov said. Hristov said that countries from the second enlargement wave, such as Poland and Hungary were responsible for postponing their own entry to the euro zone. Accession documents state that these countries could accept the euro as early as 2006 or 2007. Their central banks, however, are delaying the process.
Because of the currency board, Bulgaria might be ready to accept the euro earlier. After Bulgaria had joined the EU, it would no longer be possible for the lev to lose its value, Hristov said. The current exchange rate, 1.95583 leva to one euro, would be maintained after January 1 2009, the BNB strategy states. The main obstacle to joining the euro zone is the current low income of households. European specialists warn that investment in human capital and the intensification of industry is more important for Bulgaria than infrastructure projects, Standart newspaper reported.

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