14.07.2012

Bulgaria is not likely to join the euro area soon. This is what the Bulgarian Deputy Prime Minister and Minister of Finance says for the Austrian Currier newspaper. According to him, Bulgaria will wait and see how the banking and fiscal union will develop in the future. Another reason is that France is for tax harmonization, which is a bad idea. If this happens, we will never adopt the euro and according to Mr. Djankov the reason is that there is a flat tax rate of 10% in Bulgaria which attracts investors and is our competitive advantage. The Finance Minister points out that the country keeps out of the crisis through an austere fiscal discipline like Austria and Germany and through carrying out reforms.

Simeon Djankov also comments on the need for reforms in the European Central Bank, on the crisis and the future of the euro area, as well as on political issues.

Here you can read the entire interview.