"Economic Policy Review" BulletinISSN 1313 - 0544
The fictitious "real convergence" criterion for the euro area
Even if there were an informal criterion for real convergence of incomes to the EU average, then Bulgaria would have fulfilled it. This is clearly evident from the decision to admit the three Baltic States to ERM II at income levels that had been lower or similar to those of Bulgaria at the moment. The other possible explanation lies in the domain of political hypocrisy and the use of euphemisms behind which European politicians (like most politicians) usually hide. Which of the two explanations is relevant to the case will be seen pretty soon if the Bulgarian Finance Minister fulfills his promise and files an application for euro adoption by June this year.