It is not about Croatia and Bulgaria: it is about the fundamentals of membership of the euro area

Daniela Bobeva

doi:10.5771/1435-2869-2022-2-195

Contents
- Chapter Expand | CollapseAuthorsPage
- I–II Titelei/Inhaltsverzeichnis I–II
- 139–142 Editorial 139–142
- 143–182 Fair tax policies in the western Balkans: challenges and recommendations for a trade union agenda Séverine Picard Séverine Picard 143–182
- 183–194 Discretion lets Croatia in the euro area in 2023, but leaves Bulgaria out Zsolt Darvas Zsolt Darvas 183–194
- 195–202 It is not about Croatia and Bulgaria: it is about the fundamentals of membership of the euro area Daniela Bobeva Daniela Bobeva 195–202
- 203–220 A transition delayed – the Romanian car industry in the slow lane to electromobility Stefan Guga Stefan Guga 203–220
- 221–236 The impact of the Covid-19 pandemic on poverty among Syrian refugees in Turkey Denis Schulze Denis Schulze 221–236
- 237–250 Reading Sarajevo City Christophe Solioz Christophe Solioz 237–250
- 251–264 Corruption in eastern European judicial systems and its effects on proceedings in other countries Fabian Teichmann, Sonia Boticiu Fabian Teichmann, Sonia Boticiu 251–264
- 265–266 About the Authors 265–266
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SEER Journal for Labour and Social Affairs in Eastern Europe , page 195 - 202

It is not about Croatia and Bulgaria: it is about the fundamentals of membership of the euro area

Autoren

Daniela Bobeva

DOI
- doi.org/10.5771/1435-2869-2022-2-195
- ISSN: 1435-2869
- ISSN online: 2942-3384
Abstract

This article was invited from the author in response to the June 2022 Bruegel.com blog post by Zsolt Darvas – and see the separate article in this issue – about the decision to let Croatia into the euro area while keeping Bulgaria out; and intended to elicit a view from Bulgaria. The author believes that Darvas is essentially right in his approach; and that, furthermore, the applications of Croatia and Bulgaria for entry to the euro area are a perfect example of why the whole framework needs a thorough re-consideration. The founding fathers of the euro area constructed it on the basis of fundamental principles of macroeconomic stability and the equal treatment of applicants. Consequently, most of the criteria for adopting the euro, the so-called Maastricht criteria, have numerical expressions: clear and transparent criteria do not open any room for interpretations and compromises with macroeconomic stability. In the last decade, however, the author argues that the flexible interpretation of these criteria has led to changes making the accession process more discretionary and euro area membership less attractive.
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