Discussion_2005_50_e - DP/50/2005 Economic and Monetary Union on the Horizon Dr Tsvetan Manchev Mincho Karavastev DISCUSSION PAPERS DP/50/2005

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Economic and Monetary Union on the Horizon Dr Tsvetan Manchev Mincho Karavastev DP/50/2005
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Economic and Monetary Union on the Horizon Dr Tsvetan Manchev Mincho Karavastev August 2005 BULGARIAN NATIONAL BANK DISCUSSION PAPERS DISCUSSION PAPERS DP/50/2005
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2 DP/50/2005 DISCUSSION PAPERS Editorial Board: Chairman: Garabed Minassian Members: Statty Stattev Nikolay Nenovsky Mariella Nenova Secretary: Lyudmila Dimova © Bulgarian National Bank, 2005, series ISBN 954–9792–87–4 Printed in BNB Printing Center. Views expressed in materials are those of the authors and do not necessarily reflect BNB policy. Elements of the 1999 banknote with a nominal value of 50 levs are used in cover design. Send your comments and opinions to: Publications Division Bulgarian National Bank 1, Alexander Battenberg Square 1000 Sofia, Bulgaria Tel.: (+359 2) 9145 1351, 9145 1978, 981 1391 Fax: (+359 2) 980 2425 e-mail: [email protected] Website: www .bnb.bg
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3 DISCUSSION PAPERS Introduction ......................................................................... 6 I. The Emergence of European EMU ................................. 6 1. Quintessence and Genesis of the EMU Concept . ........ 6 2. Stages in EMU Implementation. ........................................ 9 3. Significance . ........................................................................ 15 II. EMU Membership Requirements ................................. 16 III. Bulgaria's Starting Positions ........................................... 17 IV. The Benefits ........................................................................ 22 V. The Challenges .................................................................. 23 VI. Concluding Notes ............................................................. 26 Bibliography ....................................................................... 27 Contents
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4 DP/50/2005 Abbreviations EC the European Commission ECB the European Central Bank ECU the European Currency Unit EMI the European Monetary Institute EMS the European Monetary System EMU the Economic and Monetary Union ERM II the Exchange Rate Mechanism II ESCB the European System of Central Banks EU the European Union MF Ministry of Finance NSI National Statistical Institute PEP Pre-accession Economic Program SGP the Stability and Growth Pact TEC the Treaty Establishing the Uuropean Union
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5 DISCUSSION PAPERS Dr Tsvetan Manchev is a Deputy Governor of the BNB heading the Issue Department, and a member of the BNB Governing Council. Mincho Karavastev is Adviser to the Deputy Governor heading the Issue Department. Opinions in this paper are personal and do not indicate the Bank's position in any way. The authors express gratitude to their colleagues from the Economic Research and Projection Directorate for the simulations performed using the BNB model in support of this paper. SUMMARY.
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This note was uploaded on 05/04/2011 for the course FINANCE 104 taught by Professor Smith during the Spring '10 term at Abilene Christian University.

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Discussion_2005_50_e - DP/50/2005 Economic and Monetary Union on the Horizon Dr Tsvetan Manchev Mincho Karavastev DISCUSSION PAPERS DP/50/2005

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