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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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.

49 comments

  1. Just your daily reminder that Kosovo is in fact not a country and just an occupied province Serbia

  2. Think about it: not Macedonia is Bulgaria, but the other way around!!! 🇲🇰
    You can't teach Greece history! Not even Europe.. Rusia might say whatever…
    That's becouse capital moved from Pliska to Ohrida untill the extinction of "bulgarians"… Forget cyrilic 🐃

  3. Bulgaria is a wonderful country, it only has two disadvantages the flag and the name of the country! 🦎🐸🐛🌵
    I would prefer to call it Macedonia and the province Trakia!!!

  4. I am from Bulgaria. We are completely ok with lev and as a nation speaker `We dont want euro` I dont want to see prices reach like in euro zone countires. Most probably our leaders aware of the cage also. We will be like Greece depth as hell, Bon apitite.

  5. I remember being able to use the euro in 2014 in Bukgaria. They even preferred it over the lev. 7 years later, not much has changed and probably won't for the next 3.

  6. i doubt sweden will swap anyime soon. There is no desire among the common populace for the change. We managed through the 2008 crisis really well, and many credit our control over the swedish krona for the painless outcome. A government pushing the Euro is likely to not get re-elected.

  7. Illegally using the currency that want to compete with the dollar….hilarious! You make an international currency and to use it is illegal because you want to decide to give permission or not? WTF are you guys talking about? EU is struggling and want to control things that makes no sense to control, nor is possible on one side…on the other they breaking their back for people in the international market to use and accept Euro. Permission "THE EURO AS AN INTERNATIONAL CURRENCY

    An international currency is one that is used by the residents of countries that are NOT the country of issue. International currencies as well as national currencies fulfill three functions: as means of payments, as unit of account and as store of value."

  8. 04:20 But Bulgaria already pegged their currency to the West-German Mark, they got grandfathered into the Europe like most of Africa.

  9. If a European Country wants a bailout, it first must adopt the Euro. That is part of the criteria for the bailout. There are some other stipulations including… The receiving country must take its share of economic migrants as stipulated by Brussels. To meet these requirements Bulgaria received a grant to bring the country and economy up to par with the other Euro countries The grant was a total of 10 billion euro over a peroid of 5 years. Residents of Bulgaria will also notice a massive build operation of new apartment blocks in every major city. The purpose is to house the new citizens which will flow in from Greece and Turkey when Bulgaria finally signs the Euro accession agreement. The way will then be clear for applying for a bailout just like Greece perhaps around 80 billion or so… Now Bulgaria being controlled by corrupt politicians makes one wonder what will ha[[en to that money

  10. You have missed something very important. The Bulgarian lev is not just pegged to the euro but under currency board. The difference is that under the board you have reserves in euro that cover every lev printed, meaning the central bank can exchange all printed levs and still have reserves . In fact it has almost double the amount to exchange all levs. Additionally the CB has a swap option with the ECB if needed. To top all that Bulgaria has one of the largest gold reserves in the area, and a trade surplus with the world, incl surplus in trade with countries like Germany and China. Therefore the lev is one of the most stable currencies in the world and does not need too get into the euro area from the back door.

  11. When an argument "Begs the Question," it means that the argument is circular. It does not mean the same as "Raises the Question".

    While this mistake is becoming more and more common, it does somewhat diminish your perceived authority.

  12. How can a country that has not joined the EU be subject to EU authority? These are independent countries, right? It seems to me that if they want to use the Euro without joining the EU doesn't have the authority to stop them. In which case if the EU wants to force a country to submit they will have to use a military to do so.

  13. We already accept the euro as a legal tender in Bulgaria and the lev is pegged to the euro anyways but accepting the euro in the appropriate manner as required by law will give us a lot of benefits that we do not have right now. Like getting a bail out like Greece did.

  14. In Bulgaria there was no big discussion why we should adopt the euro and there was no referendum. This is a political decision, as you all know, corruption in Bulgaria is extremely high to the top of the pyramid … So in case of negative development for the citizens it will reflect on our views on the European Union, because the politicians who ruled the country demonstrated the trust that european leaders had in them.

  15. Don't do it, it will make it harder to leave if you should want to in the future, and the way things are going in the EU you may want to consider this.

  16. As a Pole, I support Bulgaria to join this, and I expect Poland to give up our national currency in favour of the Euro as well.

  17. How would switching to the Euro influence the internal economy of BG. Would prices for consumers go up despite the lev being effectively pegged to the euro for the last 22 years? Can someone with a more up to date national insight answer? I remmember people were very scared of this a few years back because they feared it would make prices impossible to afford. Meanwhile some larger western european brands like ikea and kaufland have opened businesses in BG, on average have prices increased?

  18. Bulgaria adopting the euro as it’s only currency will be disasterous. It would rob them of their fiscal and monetary policy and they would most certainly be put in a similar place as Greece. And when the next time crisis hits And if Bulgaria is in the Eurozone by then it will get the shit end of the stick

  19. They don’t abandon their old currencies, they just adopt the euro. Deutschmark are still legal tender in Germany today. How is this your job and you don’t do the research?

  20. Bulgaria is not a democratic state. We werent asked whether we want EU. We werent asked whether we want Nato. We wouldnt get asked whether we want the Euro too. Basically in most important questions the oligarchy decides what to do. The politicians have a nickname which suits them well. They are the so called " new jennesaries" in time this meant elite Ottoman army raised from Christian captives. Today we use the word solely to name some1 a traitor. Our politicians are national traitors. US has 4 millitary bases inside it so have a guess who rules.

  21. 7:35 No, the "deutsch-Mark" didn't beacem the Euro. In fact, the Deutsch-Mark was replaced by a european currency, which is called EURO. Britain agreed to the creation of the EURO, but wanted to stay out of it. Just one of british media lies that britain had no say in anything decided in the european union.
    Seems to be a british sentiment that germany tries to take over europe, which finally lead to Brexit. Please don't fuel that misconception…

  22. A better question is do Bulgarians want the euro…Looking at what happened to Greece after adopting the euro I wonder if its a good idea.

  23. This is a lot of meaningless titles. For example Sweden had a referendum if they should join Euro or not. The no side won. Then Sweden just stayed out and did not join the ERMII (exchange rate mechanism 2) where you have to be a member in two years to be a Eurozone member if you fulfill the requirments (Sweden will easily fulfill that). But we have this strange status now probably because the politicians did not want to close any doors. But I would find it very unlikely that Sweden will join Euro anytime soon.

  24. All countries who exchanged their currency for Euro have become more expensive regarding groceries and others goods. The leva is doing fantastic. No need to f*ck up that national currency for the German mark, oops i mean euro.

  25. Bulgaria would and potentially will suffer from the Euro due to the lack of flexibility in monetary policies. Having a low GDP that could result in economic disaster for them as most of the population would have the incentive to earn money (and pay taxes) in another member state, while being able to use the same bank account when visiting home.
    I know some would say the money spent by citizens visiting home would trickle back to the Bulgarian economy, but bear in mind education, healthcare, police, roads, etc are all run from taxpayer money. If less money coming from taxes, then services need to be cut back (or raise taxes which is not possible with less taxpayer). That would be a very quick race to the bottom for them.

  26. Sounds like they are doing OK in which case joining the euro is pretty pointless and the euro is full of failing economies such as Italy, Greece, France etc.

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