Bulgaria: Demanding a Referendum on the Euro is Unconstitutional

Even if Bulgaria's membership in the Eurozone is not approved, this does not mean that any sovereignty of the real monetary policy of the BNB will be preserved. An analysis by Krasen Stanchev, ClubZ.

"Sovereignty" is not linked to and is not "betrayed" by the introduction of the euro

The transfer of "sovereignty" from the central banks of the Member States of the European Economic Community (EEC) has been a de facto reality since 1979 when these countries began to use the ECU as a unit of account based on its exchange rates against individual currencies. .

In the meantime, the EEC became the European Union (EU) on 1 November 1993 and accepted new countries. For them, first, the ECU and then the exchange mechanism are already a given. But there are some important details.

This exchange mechanism has been at the heart of the euro area since 1 January 1999.

Both the exchange mechanism and the euro are a given, a stalemate for the new EU member states, for the old ones such as Denmark, Sweden and others, only the exchange mechanism is a given.

Negotiations for membership of the new countries began in 1998-1999 with the already existing monetary union (i.e. the Eurozone) of the core of countries that are already part of the EU. That is why the exchange mechanism is part of the membership agreements.

With their membership agreements, those who joined the EU after 2004 accept the current situation, in general, but also in these two specific senses.

They have the freedom to decide exactly when to join the Eurozone.

Calling for a referendum on Eurozone membership is in fact an idea for a revision of the EU membership treaty. This would be unconstitutional<...