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Bulgaria to Adopt the Euro

euronews.com

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Re: Bulgaria to Adopt the Euro

#21

Post by akmarinov »

windowshopping wrote: post #14
aorth wrote: post #2

I happened to be in downtown Sofia last night by chance and saw the massive protest. https://apnews.com/article/bulgaria-euro-protest-nationalist...

I don't know if it's their intention but as soon as the article mentions that the protest leader is pro-Russian, I immediately assume anything he stands for is wrong and therefore euro adoption must be good. Of course someone pro-Russian is trying to push countries away from integrating with the West, and I have to assume any arguments he's making are probably disingenuous and misleading.

And you’re right in this case!

Re: Bulgaria to Adopt the Euro

#22

Post by akmarinov »

Mainan_Tagonist wrote: post #18
charamis wrote: post #13

Earlier quoted context omitted.

I don't know why this comment got downvoted, what it says is true. Having experienced it as a greek first hand.

Same perception here, none of what is said by GP should be downvoted. Almost 25 years after its implementation, it's high time the overall impact of the Euro was assessed objectively.

But GP didn’t say that, he said it’ll be bad for Bulgaria and he’s objectively wrong, due to all the reasons outlined by others.

Re: Bulgaria to Adopt the Euro

#25

Post by slaw »

Croatia had kuna pegged to Euro, replaced it with euro in 2023 and prices of almost everything went up. Why Bulgaria's government is working against it's people?

Re: Bulgaria to Adopt the Euro

#27

Post by Mainan_Tagonist »

akmarinov wrote: post #22
Mainan_Tagonist wrote: post #18

Earlier quoted context omitted.

Same perception here, none of what is said by GP should be downvoted. Almost 25 years after its implementation, it's high time the overall impact of the Euro was assessed objectively.

But GP didn’t say that, he said it’ll be bad for Bulgaria and he’s objectively wrong, due to all the reasons outlined by others.

You simply do not know if he is objectively wrong. On the basis of 25 years of Euro, what we have observed is that in the eurozone, capital follows productivity, and countries tend to specialise in line with what their factor endowment and national inclination will let them. The Euro is usually "sold" as a miracle solution when it has only really been successful for countries that had a very export oriented string industrial sector, and even then, with mixed results (see Italy). Bulgaria can hope for capital inflows and increase in productivity but should also bear in mind that these factors are highly independent on economies of scale and overall sheer size of of the existing industrial base. Capital outflows and alignment with standard european prices may well be in order. This taking the average population age may be a killer. We'll see.

Re: Bulgaria to Adopt the Euro

#28

Post by akmarinov »

LfLxfxxLxfxx wrote: post #24
aorth wrote: post #2

I happened to be in downtown Sofia last night by chance and saw the massive protest. https://apnews.com/article/bulgaria-euro-protest-nationalist...

If opposition to the Euro is so massive, can't they simply hold a referendum over it?

It’s not, it’s a couple hundred people and it’s mostly old folks that are 60+, as they’re easy to be riled up due to them longing for russian occupation.

Also a referendum on the topic was ruled illegal, because it’ll violate the EU accession, where EU adoption is mandatory when criteria are met.

Also it’s too late now, it all depends on two votes on the 8th of July by the ministers of finance and the EU parliament. Bulgaria has no way of pulling out now, without doing massive damage to their EU integration, credit score and investors’ interest.

Re: Bulgaria to Adopt the Euro

#29

Post by slaw »

akmarinov wrote: post #26
slaw wrote: post #25

Croatia had kuna pegged to Euro, replaced it with euro in 2023 and prices of almost everything went up. Why Bulgaria's government is working against it's people?

Prices also went up in Bulgaria without us adopting the euro…

Prices went up almost everywhere, but with euro adoption prices went up even higher.

Re: Bulgaria to Adopt the Euro

#30

Post by akmarinov »

slaw wrote: post #29
akmarinov wrote: post #26

Earlier quoted context omitted.

Prices also went up in Bulgaria without us adopting the euro…

Prices went up almost everywhere, but with euro adoption prices went up even higher.

Bulgaria with no euro had a higher inflation rate than Croatia with euro, soooo… no
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