What can Bulgaria learn from NMS-8 accession

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Presentation transcript:

What can Bulgaria learn from NMS-8 accession What can Bulgaria learn from NMS-8 accession? Joint BNB – IMF Seminar Bulgaria – From Transition to Convergence: The challenges ahead Sofia, 2 May 2007 Norbert Wunner European Commission Directorate General for Economic and Financial Affairs

Introduction NMS-8 Common challenges … but substantial diversity

2004 accession – what has been the experience? EU accession has been a catalyst for institution- building reforms Economic convergence has been boosted

2004 accession – what has been the experience?

2004 accession – what has been the experience?

2004 accession – what has been the experience? EU accession has been a catalyst for institution- building reforms Economic convergence has been boosted Successful disinflation

2004 accession – what has been the experience?

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

2004 accession – what has been the experience?

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

2004 accession – what has been the experience?

2004 accession – what has been the experience?

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

2004 accession – what has been the experience?

2004 accession – what has been the experience?

Possible lessons for Bulgaria Convergence takes time …

Possible lessons for Bulgaria

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.

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