To be successful you need to built on this small step with growth-enhancing policies, with reforms that ensure the rule of law and with investing in your talents, technology and well-working institutions. Without all this, the euro will not lead you there where you want to be.

The euro itself is not a panacea or a growth-enhancing miracle. It is only one step that helps you with more security and certainty, better credit rating, no shadow risk of doing something crazy, some costs spared, a seat at the table. 9/n

There are indeed worrying issues with the euro such as the the budgetary situation of France and its inability to implement serious reforms. Both the fiscal situation and the TPI present concerns, but the euro has survived much worse things in its past 25 years. 8/n

So to summarize - for 25 years we have had no control on monetary policy, for 5 years we have also outsourced part of our banking supervision. Now we get to be represented at the main decision-making body of the ECB - and it will be up to us how well we are represented. 7/n

Yet the biggest benefit I believe is being able to participate in decisions - which we have now for 25 years outsourced to others. The way the currency board works, we have decided that the ECB will decide our monetary policy and we will just obey. 6/n

Cost savings for households however will come from eliminating conversion costs - when sending money, buying & travelling. Remittances from Bulgarians abroad have sometimes been higher than FDI! And conversion costs can be up to 3%-4% (which is crazy) 5/n

It is government bond yields which are profiting from the better credit ratings. The Bulgarian spread to German debt has decreased from an average 1.6 pp in 2024 to 1.3 in 2025 as the euro decision was finalised. And this happened at a time when the deficit has worsened.4/n

The euro in Bulgaria cant be seriously expected to lower interest rates for households right away - interest rates in Bulgaria have become detached from ECB interest rates in recent years and barely move - due to overliquidity in the banking system and lack of competition. 3/n

For Bulgaria, joining the euro is foremost a geopolitical decision. It has some positives in saving us money for conversion, improving our credit rating and making our debt cheaper, and strengthening our ability to be part of EU decisions. Long post: 2/n
open.substack.com/pub/thebumbl...

In this position, you will be able to learn more about state-of-the-art models of household inequality and monetary policy and work with distributional data on household balance sheets. More info here:
www.wifo.ac.at/en/news/wifo...

Important to keep active discussion between European Parliament & ECB given the challenges the EU economy are undergoing. Happy to see many of Europe's leading monetary economists in the list! @bernothkerstin.bsky.social
www.europarl.europa.eu/cmsdata/2928...

Members of the expert panel prepare policy notes on various central banking related issues. These are used by the ECON Committee for the Hearings with President Lagarde (the Monetary Dialogue), which take place four times a year.

Dynamic pricing ;) unfortunately became pejorative due to concert ticket demand (although it shouldnt be)...