Entering the Eurozone: Commitments and Challenges to Bulgaria in Terms of Financial Crisis

Establishing the currency board arrangement (CBA) in Bulgaria played a key role in overcoming the results of the last and pointed as one of the worst financial and economic crisis. This decision still remains a serious factor for Bulgaria in the terms of European Union membership. Related to the act of accessing EU the obligations Bulgaria undertook, are partially provided by the fiscal stabilization, successfully achieved thanks to the currency board arrangements introduced in the state. Price stability, however, further remains an impediment towards economic policy. It is tightly connected with the next main challenge: to overcome the inner obstacles for fulfilling the Convergence Criterion for a proper entering the Euro zone under the conditions of spreading world-wide financial crisis. This article aims to summarize the recent background which led to the nowadays economic development and related to it future advantages and challenges.