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Currency Integration Effects in CEE Countries: Between Economic Dynamics and Institutional Readiness

Author

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  • Krasimira Valcheva

    (University of National and World Economy, Sofia, Bulgaria)

Abstract

The accession of Central and Eastern European countries to the Eurozone between 2007 and 2015 reveals diverse economic trajectories. An analysis of three indicators – inflation, foreign direct investment, and the share of the informal economy, reveals that the effects of adopting the euro are not uniform. While some countries have seen stabilization and improvement, others have experienced fluctuations or even unfavourable trends. The differences highlight the key role of the national institutional framework, social context, economic policy and global crises. These observations might provide a benchmark for expectations for Bulgaria, whose currency integration is scheduled for 2026, and aim to remind us that currency alone cannot bring benefits if there is no institutional consistency, transparency of governance, and capacity to address structural challenges.

Suggested Citation

  • Krasimira Valcheva, 2025. "Currency Integration Effects in CEE Countries: Between Economic Dynamics and Institutional Readiness," Ikonomiceski i Sotsialni Alternativi, University of National and World Economy, Sofia, Bulgaria, issue 3, pages 62-81, December.
    • Handle: RePEc:nwe:iisabg:y:2025:i:2:p:62-81
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    Keywords

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    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O17 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Formal and Informal Sectors; Shadow Economy; Institutional Arrangements
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration

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