What can Bulgaria learn from NMS8 accession Joint BNB IMF Seminar Bulgaria From Transition to Conver

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What can Bulgaria learn from NMS-8
accession?Joint BNB IMF SeminarBulgaria
From Transition to ConvergenceThe challenges
ahead Sofia, 2 May 2007Norbert
WunnerEuropean CommissionDirectorate General
for Economic and Financial Affairs
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Introduction

• NMS-8
• Common challenges
• but substantial diversity

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2004 accession what has been the experience?

• EU accession has been a catalyst for
  institution-building reforms
• Economic convergence has been boosted

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2004 accession what has been the experience?
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2004 accession what has been the experience?
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2004 accession what has been the experience?

• EU accession has been a catalyst for
  institution-building reforms
• Economic convergence has been boosted
• Successful disinflation

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2004 accession what has been the experience?
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2004 accession what has been the experience?

• EU accession has been a catalyst for
  institution-building reforms
• Economic convergence has been boosted
• Successful disinflation
• but signs of overheating in some countries

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2004 accession what has been the experience?
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2004 accession what has been the experience?

• EU accession has been a catalyst for
  institution-building reforms
• Economic convergence has been boosted
• Successful disinflation
• but signs of overheating in some countries
• Improving labour market situation

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2004 accession what has been the experience?
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2004 accession what has been the experience?
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2004 accession what has been the experience?

• EU accession has been a catalyst for
  institution-building reforms
• Economic convergence has been boosted
• Successful disinflation
• but signs of overheating in some countries
• Improving labour market situation
• Fiscal consolidation

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2004 accession what has been the experience?
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2004 accession what has been the experience?
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Possible lessons for Bulgaria

• Convergence takes time

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Possible lessons for Bulgaria

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Possible lessons for Bulgaria

• Convergence takes time,
• cannot be taken for granted,
• and depends on sound economic policies and
  good governance
• EU transfers can help sustain convergence
• but are no panacea.

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Conclusions

• EU accession has been an economic success story
  for the new Member States
• Bulgaria has started to benefit from accession
  already during the pre-accession preparations
• Reaping the full benefits of accession requires
  sound economic policies, good governance and
  sustained commitment to reform