The Eurozone debt crisis and the likelihood of a double-dip recession mean little appetite for joining the single currency.
Image: Rene Fluger Josef Horazny/Czech News Agency
In an interview with the Wall Street Journal, Bulgaria’s prime minister said he had decided to shelve the plans as the European economy
“The momentum has shifted in our thinking and among the public,” Boyko Borisov said. “Right now, I don’t see any benefits of entering the euro zone, only costs.
Bulgaria has so far managed to keep its budget deficit within the European limit, restricting it to 2.1 per cent of GDP last year after cutting back on pay and pensions. The country is one of Europe’s poorest, however – with its circumstances so weak that its currency is already pegged to the euro.The public rightly wants to know who would we have tobail out when we join? It’s too risky for us and it’s also not certain what the rules are and what are they likely to be in one year or two.
Poland’s foreign minister meanwhile said that while his country had passed a referendum on euro membership, it wouldn’t rush into seeking membership until the currency’s broader problems had been sorted out.
In times of crisis we must first restore confidence,” Radoslaw Sikorski told the Frankfurter Allgemeine. “This crisis is only superficially about money: it is also about credibility.”
He added:
Lithuanian prime minister Andrius Kubilius last week said his country would only go about seeking euro membership when the continent itself was ready.You can hardly blame us – that we don’t want to join as long as the Eurozone is in a serious crisis. We are willing to join, if you have solved your problems.
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