1. 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 Norbert Wunner European Commission Directorate General for Economic and Financial Affairs

2. Introduction
NMS-8
Common challenges
… but substantial diversity

3. 2004 accession – what has been the experience?
EU accession has been a catalyst for institution- building reforms
Economic convergence has been boosted

4. 2004 accession – what has been the experience?

5. 2004 accession – what has been the experience?

6. 2004 accession – what has been the experience?
EU accession has been a catalyst for institution- building reforms
Economic convergence has been boosted
Successful disinflation

7. 2004 accession – what has been the experience?

8. 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

9. 2004 accession – what has been the experience?

10. 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

11. 2004 accession – what has been the experience?

12. 2004 accession – what has been the experience?

13. 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

14. 2004 accession – what has been the experience?

15. 2004 accession – what has been the experience?

16. Possible lessons for Bulgaria
Convergence takes time …

17. Possible lessons for Bulgaria

18. 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.

19. 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