Economic and Financial Integration of Bulgaria to the EU: Main Trends and Challenges

Authors:

Pages: 28-42

Abstract:

The åconomic and financial integration of Bulgaria to the European Union (EU) since the start of its official membership in 2007 coincided with the worst Global financial and economic crisis for the last seven decades and with the European sovereign crisis in the European Moneraty Union (EMU) as the “core’ of the EU integration. The paper discusses the adjustment of the Bulgarian economy to the integration process in the EU which has been challenged by the deep institutional reform process as crucial for overcoming the crisis by making the normative power of the EU stronger. The macroeconomic performance of Bulgaria is revealed with regard to the compliance with the macroeconomic convergence criteria for the EMU. The financial sector reform is discussed to outline its ongoing reform with the EU law and regulation. Conclusions are summarized for the EMU’s entry as a challenge and opportunity for further integration of Bulgaria the EU.

Keywords:

European integration, EMU, Maastricht criteria, financial stability, EU reforms in the financial sector, financial integration.

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The Human Being in Economy: in Search of Meaning Beyond the Economic Theory

Authors:

Pages: 17-27

Abstract:

The need of laying the emphasis of the fundamental science of economics on the human being in economy is substantiated and that has to be examined outside the narrow boundaries of economics using a transdisciplinary approach. The analysis contains anthropogenetic explanation of the natural prerequisites, of the natural basis of economic conduct. The basic human instincts are accepted as the natural basis on which the economic activity of humans is built. Reason and rationality are not its only justification. Emphasis is laid on economic selfishness which is anthropogenetically explained. The sociality of humans in economy is discussed and the need to examine their individuality as well as their sociality is ascertained. The opinion is expressed that the self-identification of humans in economy is carried out through relating to the other person/ persons. The other person is their external characteristics while they are the result and product of the economic community. The economic conduct is not the conduct of an independent individual and it is not an entirely free self-expression either, but it is rather the result of their contact with other people. The need of ethic analyses in the science of economics is discussed on the basis of co-existence of human beings in economy. A presentation of the analysis of the simultaneity of economy and morality is offered. The morality of activity is accentuated rather than the morality of the result. The economic activity does not only take into consideration certain moral values but it creates them as well. The human being in economy creates morality by interacting with others. The economy has the potential for morality and that is the self-restriction of interdependence.

Keywords:

The human being in economy, human instincts, living with others, economy/ economics, morality. JEL: А12; А13; В41

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