@article{2022:bobeva:it_is_not_,
title = {It is not about Croatia and Bulgaria: it is about the fundamentals of membership of the euro area},
year = {2022},
note = {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.},
journal = {SEER Journal for Labour and Social Affairs in Eastern Europe},
pages = {195--202},
author = {Bobeva, Daniela},
volume = {25},
number = {2}
}