Invest in Bulgaria - The Preferred Partner of Investors Seeking Opportunities in Bulgaria
Follow:
GUGUSHEV & PARTNERS is among the leaders on the Bulgarian legal market Comprehensive Organization of MBA and EMBA Study Trips in Bulgaria
NEWS BY TOPIC
FDI in Bulgaria (13)
Health (4)
Macroeconomic Data (49)
Business (361)
Investments (155)
Infrastructure (97)
Financial (126)
Economy (350)
Construction (14)
Politics (62)
Real Estate (27)
Interesting Facts (24)
Sports (10)
NEWS BY SECTOR
Software and Information Technology (28)
Real Estate (56)
Tourism (112)
Waste Management (9)
Automotive (23)
Electronics (3)
General (81)
Renewable Energy (66)
Agriculture (22)
Construction (90)
Food and Beverage (20)
Textile (2)

'Father' of Bulgaria's Currency Peg Backs FinMin in Euro Delay
'FATHER' OF BULGARIA'S CURRENCY PEG BACKS FINMIN IN EURO DELAY
Date: 30/07/2011
Source: novintie.com
'Father' of Bulgaria's Currency Peg Backs FinMin in Euro Delay

Steve Hanke, the architect of Bulgaria's currency regime and one of the opponents of its Eurozone aspirations says the reason for the good state of the Bulgarian economy is the disciplining role of the currency board.

Hanke spoke Saturday in an interview for the Bulgarian National Radio, BNR, agreeing with statements of the Bulgarian Deputy Prime Minister and Finance Minister, Simeon Djankov, that at this stage Bulgaria will refrain from applying for Eurozone membership.

Djankov announced the information last week in an interview for CNN where he pointed out the countries in the Eurozone were not disciplined enough and must learn from Bulgaria.

"I agree with his position there is no reason to rush with the adoption of the EUR. You have a great-functioning currency board thus there is no reason to rush. This would be a waste of time and energy," Hanke said.

The world-renowned economist reminded how as early as 2002, he was the one recommending that a parliamentary majority passes important fiscal decisions and was the first one to propose the idea of a Fiscal Stability Pact.

The three main pillars of the Financial Stability Pact, now pushed by Djankov, to be solidified via constitutional amendments are introducing a limit to allowed budget deficit, restricting the ability of the state to redistribute public funds as a percentage of the GDP, and introducing a qualified majority vote of two-thirds of the votes in Parliament to change Bulgaria's direct taxes.


Topic: Financial



Featured District
GABROVO DISTRICT AND CITY INFORMATIONGabrovo
Invest Bulgaria Charts
Net Domestic Assets of Bulgaria
Net Domestic Assets of Bulgaria

Public Sector External Debt of Bulgaria
Public Sector External Debt of Bulgaria

See all charts
Did You Know?
Sofia
Sofia
The Bulgarian capital Sofia is about 4 times cheaper to live in than London ... More

Pamporovo is located in the heart of the Rhodope Mountains. It is one of the most popular south-eastern European mountain ski resorts.

Intelligence Pathways - Outsource your Business, Competitive Intelligence or Back Office to Bulgaria

Bulgaria Translation - Full service Bulgarian Translation company

© Copyright 2004-2019 Invest Bulgaria Group Ltd, Sofia, Bulgaria. All rights reserved.

 
Please read Conditions of Use, Copyright Statement and Privacy Policy for this web page and web site.


Bulgaria Translation Bulgarian Agriculture Bulgarian Textile BestFlowers.bg Sofia Web Works Bulgarian Coins Intelligence Pathways Bulgarian Outsourcing

Crafted by Sofia Web Works. Maintained by Website Maintenance, the kings of Website Migration.


Our Featured Members