Economists: Bulgaria Risks Scoring Own Goal with Early Euro Adoption

Bulgarian economists have warned against Bulgaria's rushing prematurely into the Eurozone. Photo by BGNES

Economists from the Bulgarian Academy of Sciences have warned that introducing the Euro in 2013 would mean for Bulgaria the scoring an 'own goal'.

If Bulgaria were to adopt the Euro at that time, the country would undergo a serious shock of steep price rises, especially in the services sector, warned Professor Chavdar Nikolov of BAS.

Over recent weeks, there has been renewed speculation as to when Bulgaria would seek to join the Eurozone, with the year 2013 figuring in several statements, most noticeably by Bulgarian PM Borisov, addressing the EPP Congress in Berlin.

Professor Nikolov maintained that, at present, prices remain too low and would still be so in 2013. According to him, the best time for Bulgaria to adopt the Euro is 2016.

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