Bulgaria and the euro
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Bulgaria aims to join the euro zone as soon as possible. The current target date is 1 January 2012. [1]
[edit] Coins
Bulgarian euro coins have not yet been designed. They will replace the current national currency of Bulgaria, the lev, once the convergence criteria are fulfilled. On the occasion of the signing of the EU accession treaty on 25 April 2005, the Bulgarian National Bank issued a commemorative coin with a face value of 1.95583 leva, giving it a nominal value of exactly 1 euro.
Madarski Konnik (the Madara Horseman) is the most believable favourite for the symbol of Bulgaria in their national side of their future euro coins. Every Bulgarian citizen will have the opportunity to vote until April 19 to choose the symbol.
Other eminent pretenders for the title ‘Symbol of Bulgaria' are the ancient tradition of the nestinars (Bulgarian fire-dancers) and the Cyrillic. [2]
[edit] Joining the eurozone
Bulgaria meets three and fails on two criteria in order to join the eurozone. It derogates on the price stability criterion, which envisages that its inflation does not exceed that of the three EU member states with the lowest inflation (Malta, the Netherlands and Denmark) by 1.5%. Bulgaria’s inflation in the 12 months to March 2008 reached 9.4%, well above the reference value of 3.2%, the report said.
On the upside, Bulgaria fulfils the state budget criterion, which foresees that the deficit does not exceed 3% of the country’s gross domestic product (GDP). Over the past few years, the report said, the country has consistently improved its budget fundamentals and since 2003, a break-even point, the budget ran surpluses and in 2007 was at 3.4% of GDP. The EC forecasts that it will remain at 3.2% of GDP in both 2008 and 2009.
In regard to public debt, Bulgaria has also been within the prescribed cap of 60% of GDP. Government debt has also been declining consistently, from 50% of GDP to 18% in 2007. The expectation are to reach 11% of GDP in 2009.[3]
[edit] References
- ^ "Bulgaria's budget of reform", The Sofia Echo, 2007-11-30. Retrieved on 2008-02-06.
- ^ Most Probable Symbol of Bulgarian Coins.
- ^ The Sofia Echo. Retrieved on 2008-05-17.
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