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The Global Challenges to “Two-Speed” Integration in the EU: Problems and Prospects for Bulgaria's Participation in the Economic and Monetary Union

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Abstract

The paper discusses the current problems of the integration in the EU in the context of the ongoing restructuring of the global economy and its institutional order under the pressure of rising economic nationalism and protectionism. The differentiated integration conducted in EMU outlines the challenges for Bulgaria from the integration at "two speeds" in the EU. The problems of overcoming the crisis of the current EU integration model are being considered in the context of the ongoing reforms. By revealing the main trends in the world economy the paper discusses the impact of global changes on the European integration. The difficulties in reforming the completion of the Economic and Monetary Union are evaluated as a bottleneck to the further enlargement of the EMU. The opportunities and perspectives of Bulgaria's inclusion in the EMU are outlined.

Suggested Citation

  • Tatiana Houbenova, 2019. "The Global Challenges to “Two-Speed” Integration in the EU: Problems and Prospects for Bulgaria's Participation in the Economic and Monetary Union," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 3-32.
    • Handle: RePEc:bas:econst:y:2019:i:1:p:3-32
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    1. repec:hal:spmain:info:hdl:2441/4qcei72ijt9qco0d0fp1ak47b7 is not listed on IDEAS
    2. Anne-Laure Delatte & Clemens Fuest & Daniel Gros & Friedrich Heinemann & Martin Kocher & Roberto Tamborini, 2017. "The Future of Eurozone Fiscal Governance," EconPol Policy Reports 1, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
    3. Victor Yotzov & Grigor Sariiski & Nedialko Nestorov & Daniela Bobeva & Pobeda Loukanova & Iglika Vassileva & Iskra Christova-Balkanska & Tatiana Houbenova & Stoyan Totev & Stefan Ivanov & Ivan Angelov, 2017. "Annual Report 2017 "Economic Development and Policies in Bulgaria: Evaluations and Prospects. Focus: The Path to the European Union and the Balance-Sheet of the First 10 Years"," ERI-BAS Books, Bulgarian Academy of Sciences - Economic Research Institute, number 35:p:1-202 edited by Victor Yotzov.
    4. Jean Pisani-Ferry, 2018. "Euro area reform: An anatomy of the debate," Post-Print hal-03391908, HAL.
    5. Asatryan, Zareh & Debrun, Xavier & Heinemann, Friedrich & Horvath, Michal & Ódor, Ľudovít & Yeter, Mustafa, 2017. "Making the most of the European Fiscal Board," ZEW policy briefs 3/2017, ZEW - Leibniz Centre for European Economic Research.
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    Cited by:

    1. Ignat Ignatov, 2021. "Unravelling the EU Debt Knot Over 2000-2019: An Injection-Leakage Approach," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 49-71.
    2. Economic Research Institute at BAS (ed.), 2020. "Economic Development and Policies – Realities and Prospects," ERI-BAS Books, Bulgarian Academy of Sciences - Economic Research Institute, number 36:p:1-884.
    3. Irena Nikolova, 2020. "Opportunities For Eu Foreign Trade With Asian Countries: Case Of Bulgaria, Czech Republic And Slovak Republic With China, India, And Japan," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 14(1), pages 26-34.

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    More about this item

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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