Bulgaria and the Euro

Paper Summary:

The paper provides an overview of the implementation of the euro in the European Union's member states. The paper then explores the potential adoption of the euro by Bulgaria and explains the disadvantages for the Bulgarian entrepreneurs and the general population. The paper discusses how when Bulgaria became a member of the EU with full rights, numerous investors from wealthier countries of the EU poured euros into the country that benefited Bulgarian entrepreneurs and the population alike. Finally, the paper offers recommendations on how the Bulgarian government can best cope with the future adoption of the euro as a national currency.

Outline:
Overview and Update on the Implementation of the Euro
Threats of the Euro upon Bulgarian Companies
Opportunities of the Euro upon Bulgarian Companies
Recommendations for National Policy and Bulgarian Companies

From the Paper:

"The euro was introduced on the 1st of January 1999 to become the national currency of eleven state members. Its introduction lead to the transformation of national currencies into euros; foreign operations between the eleven countries begun to be carried out in euros; the new public debt would be issued in euros and the old public debt would be converted from the former currency into euros; all financial markets in the member states would issues their stocks and bonds in euros and the former national currencies would become denominations of the euro, to be completely eliminated by 2002."

Sample of Sources Used:

• Antweiler, W., The EURO - Europe's New Currency, The University of British Columbia, Sauder School of Business, 2001 http://fx.sauder.ubc.ca/euro/ last accessed on July 21, 2008
• Vatahov, I., Bulgaria's Prospects of Joining the Eurozone, The Sofia Echo, March 20, 2006
• Waterfield, B., Bulgaria Threatens EU Treaty with Veto Over Euro, Telegraph http://www.telegraph.co.uk/news/worldnews/1566069/Bulgaria-threatens-EU-treaty-veto-over-Euro.html last accessed on July 21, 2008
• Bulgaria and the Euro, Official Website of the European Commission, 2008, http://ec.europa.eu/economy_finance/the_euro/your_country_euro8956_en.htm last accessed on July 21, 2008
• Economic and Financial Affairs, Official Website of the European Commission, 2008, http://ec.europa.eu/economy_finance/the_euro/index_en.htm?cs_mid=2946 last accessed on July 21, 2008

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