Other EU
Illegally Using the Euro: Is Bulgaria the Next to Officially Join? – TLDR News
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Officially joining the Euro is a difficult process, something that Bulgaria and other countries are currently learning. As such a couple of countries have decided to just use it it illegally, without the EU’s permission. So in this video we track Bulgaria through the process of joining and learn why some just give up and adopt it unilaterally.
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1 – https://ec.europa.eu/info/business-economy-euro/euro-area/enlargement-euro-area/convergence-criteria-joining_en
2 – https://www.ecb.europa.eu/pub/pdf/conrep/ecb.cr202006~9fefc8d4c0.en.pdf
3 – https://www.ft.com/content/b955c22f-1e9c-4b5d-83e0-6148d7763e5a
4 – https://www.reuters.com/article/us-eurozone-economy-croatia-bulgaria-idUSKBN24B2JM
5 – https://www.ft.com/content/b955c22f-1e9c-4b5d-83e0-6148d7763e5a
6 – https://ec.europa.eu/info/business-economy-euro/euro-area/introducing-euro/adoption-fixed-euro-conversion-rate/erm-ii-eus-exchange-rate-mechanism_en
7 – https://bqk-kos.org/banking-operations-3/currency-in-circulation/kosovos-experience-in-euroisation-of-its-economy/?lang=en
8 – Bogetic, Zeljko & Petrovic, Pavle & Vujosevic, Zorica. (1999). The Yugoslav Hyperinflation of 1992-1994: Causes, Dynamics, and Money Supply Process. Journal of Comparative Economics. 27. 335-353.
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@AAAAAAA66879
March 5, 2024 at 6:46 pm
This video is literally full of approximations. There’s no such thing as illegally adopting a currency unilaterally. Bulgaria has been pegged to the euro since the beginning. Montenegro did not a adopt the deutsche mark in 1994 ! Jesus ! So you use Wikipédia to make your videos but you even read it correctly 😂
@suevialania
March 5, 2024 at 6:46 pm
💚❤️🇵🇹👍🏻Welcome Bulgária!
@LieutenantJosh
March 5, 2024 at 6:46 pm
As of May 2023 Bulgaria will hold a referendum about WHEN (not "if", but "when") to adopt the Euro. It seems like the people will postpone it until 2043 as per the question of the referendum 🙂
@user-vz2po5sc4e
March 5, 2024 at 6:46 pm
No, Bulgaria will not adopt the euro, because we see what is happening in Italy, Spain, Greece and latest Croatia. If we adopt the EU there will be a revolution and the EU secretaries in the parliament will not get to enjoy the euro if we adopt it
@romoments8682
March 5, 2024 at 6:46 pm
As a bulgarian i dont want this to happened
@frankjost2701
March 5, 2024 at 6:46 pm
Governments sell their debt to their central banks, such that their voters and cronies can spend it and do not have to pay taxes. The more they do so, the more expensive get imported goods and the more rise interest rates, both of which hamper the country´s welfare. The difference with a country being IN the eurozone is, that it can do so WITHOUT seeing its interest rates and inflation rise, because the other countries of the currency union have to pay for it through the common central bank. The only way not to cover for others is to stay out of or leave a multi-national currency. That was the first thing many countries did after independence from ex-Yugoslavia and the Soviet Union. To illustrate: The Baltic states have almost no debt. They joint the Euro some years ago and now all have an inflation of over 20 %. Their citizens pay for the southern members of the Eurozone.
@r.a.3984
March 5, 2024 at 6:46 pm
We all hope so! I believe Bulgaria will join the eurozone and Schengen soon and it will partly boost the economy. As mentioned last two years was unusual so…
@jaapfolmer7791
March 5, 2024 at 6:46 pm
Croatia actually borders on Montenegro. So Montenegro and Kosovo are now connected over land with the Eurozone
@Khantia
March 5, 2024 at 6:46 pm
Bulgaria has been keeping this 1,96 exchange rate to the euro since 1997. How hard can it be to keep this up for another year or two? 😀
@mihailchehlarov2720
March 5, 2024 at 6:46 pm
There are rumours in Bulgaria about referendum for accepting the euro. If it happens, I'm sure we will not abandon Bulgarian lev anytime soon. Bulgarians have strong sentiment for our currency and with the recent rejection from Netherlands for the Schengen zone, EU scepticism is growing stronger every day in Bulgaria.
@FPV420.
March 5, 2024 at 6:46 pm
The top obstacle for Bulgaria joining the Euro, just like the Schengen zone is the total lack of the rule of law. Corruption is a major stopper for Bulgaria right now and although it is not set as a requirement for joining, Euro countries are not fond of accepting Bulgaria as they are afraid that this will undermine the European policy on the matter. Moreover, a lot has happened during the last few years where Bulgaria struggled because of the corrupt ruling of GERB and the former prime minister Boyko Borisov. In the meantime, the national currency – LEV lost a lot of its purchasing power to an extent where voices are being heard if we should give up on the Eurozone. As usual, parties against switching to Euro are backed by Russia. Due to the war in Ukraine, it became obvious that most BG parties have strong ties with Putin's Russia including Borisov.
@vst21xdxaxa79
March 5, 2024 at 6:46 pm
Joining euro zome is presented as big deal,when actually is attempt to make deluded east (old) europeans to pay western countries debts…piss off…
@jonslandfill
March 5, 2024 at 6:46 pm
why does the EU care if other countries unilaterally adopt the Euro but the US doesn't seem to care if other countries dolarize their economies?
@svevladovtriglav
March 5, 2024 at 6:46 pm
The Montenegro story is bullshit, they've adopted the euro after they exited Yugoslavia and lost the right to use the dinar.
@Famous007i
March 5, 2024 at 6:46 pm
Bulgaria will not use EURO ever, you wish to happen! We keep our Lev and it wont change! You must pray to Bulgarians in next few years cuz they will become the most important on the map than you ever think!
@kokovelichkov5915
March 5, 2024 at 6:46 pm
Well the problem is that the Bulgarian people don't want to have the Euro as their currency.
@cooljohn12000
March 5, 2024 at 6:46 pm
Sike! Correct answer was Croatia.
@captpicard6894
March 5, 2024 at 6:46 pm
I’m in the UK and still think that Brexit was the stupidest thing this Country ever voted to do. The way politics is going in this Country I’m quite confident that by 2030 Scotland and Northern Ireland will have voted for independence, will have left the UK, re-joined the EU, and started the process to adopt the Euro as well.
@Pragmatic_Optimist_MCR
March 5, 2024 at 6:46 pm
In another comment, someone said that Sweden shouldn't join the EU because it loses sovereignty. Why is it in the best interest of smaller nations, such as Sweden, to join the EU even if they lose their independence? Many member states do no want to lose too much souvereignity either. Which is completely understandable. I think, nonetheless, that national independence is a myth of the 20th century. In this century, with every further year of ever deepening globalization, no nation is independent and self-reliant anymore.
That is why it is somewhat inevitable that the EU has to further integrate and member states have to identify as regions instead of fully fledged nations. Not because Brussels wants to become a colonial empire in some sorts, but because small nations compete no longer with their neighbors but with the whole world in every possible way. Multilateralism and shared souvereignity is the organic next step in the development of the human species and improvement of quality of life. We are in a century of global competition and global political campaigns in a way never before. Germany, the Netherlands and Sweden are all so much dependent on each other already, politically, economically and socially, that realistically speaking we already are de facto on the bridge of becoming a federation in the everyday lives of the people.
One might say, small nations shouldn't join the EU because they have such a small voice in the EU institutions. Them I ask, why is it a bad thing that smaller nations have less to say than bigger nations? I would call this fairness. The real question is: Does Sweden want to have a proportionate say to their size in geopolitical decision-making processes, or does it want have a less proportionate say? Sweden can and should not get to say more than it's size. In fact, it can't. Russia tries to do just that and it's one of the most dangerous things that can happen. While it is hurting Russia more than anybody else. Unilateral actions wil always result in long-term failure and regression in the 21st century.
What say does Sweden have on its own, as an 'independent' nation? If you don't have a seat at the European Council, Sweden is already heavily disadvantaged against larger unions and nations such as the US, China and India. Sweden is not independent just because it has an isolated political system. Instead, it's economic and social ties to the rest of Europe and the world make it just as dependent on new developments in the world, as it's own domestic development. The only problem being, that is is not able to negotiate fair deals against political, militarily or economic heavy weights. Those who remain isolated will become irrelevant, taken advantage of and be abused with every passing decade in this century.
Either way, you never have a big voice. The question is, when do small nations get a voice that is actually proportionate to their size? It's not about being louder than you are. Isn't this one of the core values of democracy? One vote per person? By joining the EU all member states this is exactly what happens. You get a proportionate and democratically legitimate share of Power. This should apply not just to Europe but the whole world.
I envision a future (in 100+ years) where interdependencies between nations become so common that multilateral organizations become the norm and the human species is united eventually under one political roof, with the EU and UN being the first step towards such a subranational political system. Of course, all regions and states must decide over 75% of the policy that only matter regionally and must be orientated towards regional characteristics, based on the principle of subsidiarity.
But all the global matters of security, common currency, interest rates, climate change, human rights, etc, that are best tackled collectively, should remain in the hands of a democratically elected political body that projects power over whole contingents, in order to successfully solve world problems and guarantee world peace. This way all nations get a say just as big as they are individually. Russia would never be able to invade Ukraine, Georgia and Moldavia, China would never invade Taiwan, build military bases on the sea territory of neighbor states and put Uighurs into concentration camps, if they both were part of a common trading union and political system that can cut funding, similar to the measures the EU may take to deal with Hungary.
On a side note: Germany has the largest population per seat in the parliament, making the population of smaller nations more influential. You need 8 German voters in the European elections to have the same impact as 1 voter from Cyprus. In this way, smaller nations already have a greater say than they would, if we lived in the US where every vote actually counts just as much in Montana and NCY, no matter how large the state.
@jeroenska.
March 5, 2024 at 6:46 pm
In the Netherlands there have been quite a few scandals involving Bulgarians applying (and getting) for welfare funds whilst actually living and working in Bulgaria. This is made possible because as part of the European Union, Bulgarians can live and work in the Netherlands, and therefore apply for the same welfare funds when they are out of a job as other European citizens (whilst working illegally in Bulgaria without registering as resident). I'm not sure how being in a monetary union with Bulgaria can be abused in any way, but this history does make me wary of them joining (even though it might just be a small minority of Bulgarians making use of this loophole).
@arealtempest7390
March 5, 2024 at 6:46 pm
i like the lev, lev is pritty 😀 wow my goverment is not as useless as i think it was .. epic
@liamnixon4428
March 5, 2024 at 6:46 pm
The thing is that the process of adoption of the euro is based on the assumption that a member state already has it's own currency and wishes to change it based on economic policy. States that point blank adopt the euro as their currency when they haven't used another at least for a long time are just adopting their first currency, one which is also international and can give greater access to markets in the EU, despite not being an EU member in the first place. This of course come's with it's own risks, but some states just take it, especially when they don't have any other choice. If Scotland manages to break away from the UK, I wouldn't be suprised if it suddenly adopts the euro, since it never really had it's own currency apart from the Pound
@ojm396
March 5, 2024 at 6:46 pm
In 2003 I was a swedish citizen and I votet No to the Euro, 57 % voted NO to the Euro and 43 % voted yes. Im very happy with the outcome!
@AnymMusic
March 5, 2024 at 6:46 pm
when you think there's hyper inflation now, but then you hear Montenegro had an inflation of 313,000,000%
@peterbreis5407
March 5, 2024 at 6:46 pm
The i in Dinar is pronounced like the short i like in "it" not a long i. It is it is not pronounced "diner"
@Ryan98063
March 5, 2024 at 6:46 pm
Bulgaria should keep the lev and use it to trade other foreign currencies in the balkans. Unique in the stability of being a EU member with the flexibility of having one's own currency while the western neighbors are wildly unstable and untrustworthy. I wonder if there's a road between unification between Bulgaria and FYRO Macedonia by not adopting the Euro
@vincutler9176
March 5, 2024 at 6:46 pm
Keeping my£££s !
Never used the € never will !