convergence

Bulgaria has adopted the euro. After more than 28 years under a currency board arrangement, the country is entering a new stage of its development. The bank failures and hyperinflation of 1996–1997 wiped out people’s savings and pushed Bulgaria to the bottom of Europe, below 30% of the EU average in GDP per capita in purchasing power parity by the end of the 1990s.

New member states from CEE have come a long way in the last two decades, building upon their competitive advantages, expanding economic freedom and seizing the opportunities of the European Single Market. 

Together, the V4 countries are the fifth largest economy in Europe and 12th globally. The region would rank as the 22nd most populous country in the world and 4th in Europe (64 million people) with most people living in Poland (38 million), followed by the Czech Republic (11 million), Hungary (10 million), and Slovakia (5.5 million).

The conclusions of the ECB’s report is that establishing an environment that favors a steady convergence requires policies aiming at economic stability, as well as wide structural reforms. This statement holds regardless of whether we will adopt the Euro or not.