2018, 7 pp (PDF)

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The answer is: no – not yet. While the Bulgarian case for joining the euro seems compelling on first sight, neither Sofia nor Brussels should jump the gun now. Not only does Bulgaria still lack the institutional capacity to be a reliable member of the club; it would also loose important degrees of freedom to foster growth and deal with crises at home. This Blog Post argues that the Maastricht criteria may be a necessary, but by no means a sufficient condition for stable euro membership. Bulgaria’s accession should be based on prudence, rather than precipitation.