Prof. Steve Hanke in front of Nova TV: The whole process of Bulgaria's entry into the Eurozone smells like fraud to me
American professor from Johns Hopkins University advocated for the Currency Board, which he said works perfectly
We do not know for sure how the life of an average Bulgarian will change with the adoption of the euro in Bulgaria and this is part of the problem. This was stated in response to a question in the morning broadcast on Nova TV by Prof. Steve Hanke, who is also considered the father of the currency board in our country.
"We have a Currency Board system, which was introduced in 1997. This stopped hyperinflation in Bulgaria and since then the system has worked perfectly. So Bulgarians need to ask themselves - why should you change a model that works great? Why? And this is the key question. The answer is that all these changes and talks about joining the Eurozone are, in fact, a distraction from the essentials. Because governments in the post-communist era have failed to solve the biggest problem - corruption. They ignored corruption. This also applies to Bulgaria. This plan to join the Eurozone is just a parody. This is not even a plan. Nobody says what the problems are with the Currency Board, because there are none. And no one says what the benefits will be, because there are none. There will be chaos, no benefits. The whole process of entering the Eurozone smells like fraud to me. There are three elements that I smell the most - incompetence, illegitimacy and corruption, "said Hanke.
The American professor from Johns Hopkins University also opposed the statement of Bulgarian economists, according to which the adoption of the euro will bring positives such as stability, low interest rates, higher credit rating for the state, more investment and higher income. In response to a question from the presenter, he stated categorically that there was no official report on this.
"There has never been an official report on this. These economists do not know what they are talking about. They just throw dust in your eyes. "Hanke said.
The American professor went on to say that there was a puppeteer pulling the strings. "You talked about diverting attention from the essential, but in Bulgaria now runs a caretaker government, whose term will soon end." said the host.
"This is another wonderful invention in Bulgaria. We just have a puppeteer pulling the strings. His name is Borisov. Point. Now exactly what Borissov and his ministers began to do in the middle of the night is happening, when the COVID crisis broke out and everyone was worried about the virus. That's when they brought the topic of the Eurozone into play. "said Prof. Hanke.
We remind you that Bulgaria's entry into the Eurozone may seem hasty, but this, as well as the negotiations with the countries of the Western Balkans, which include a number of compromises for EU accession, are processes that are part of the "green deal". It cannot happen in full by 2050 without a single currency and a single tax legislation, and accordingly requires a change in revenue policies, ie a completely new fiscal policy.