Currency board

Steve Hanke, known as the "father" of the Bulgarian Currency Board, recently shared his insights on Nova TV. Hanke, who has been honored with eight honorary doctorate degrees—including three in Bulgaria—has served as an economic advisor to various heads of state and was a senior economist under President Ronald Reagan.

SOFIA (Reuters) - Bulgaria's government approved an action plan on Wednesday that envisages the country entering the "waiting room" for euro membership and also joining the European Union's banking union by the end of June next year.

Bulgaria is the better currency model for Greece if the country slides towards Grexit, renowned economist Prof Steve Hanke says.

With banks in Greece closed since 29 June and cash withdrawals rationed at up to EUR 60 per day, the Bulgarian lev has gained the status of a 'dependable and stable' currency at shops, hotels and restaurants in northern Greece, the Financial Times has said.

Bulgaria's Economy Minister has voiced his disagreement with the idea that joining the Eurozone will be a "catastrophe" for the country.

The comment was made by Prof Steve Hanke, a professor of Applied Economics at Johns Hopkins University in Baltimore, known in Bulgaria as the "father of the currency board".

Europe will be much better off without Greece and the best thing for the country is to introduce a currency board system, a leading economics professor said on Monday.

The call for the printing of money, made by Republika Srpska president Milorad Dodik, who is also the leader of the strongest Bosnian Serb party, the Alliance of Independent Social Democrats, triggered heated debates over the weekend.

Recent reportage in the New York Times reminded me of my 95% Rule: "95% of what you read about economics and finance is either wrong or irrelevant". In her piece on the Bulgarian elections, Mariana Ionova wrote:

"Its [Bulgaria's] economy is growing at an annual rate of about 1.6 percent, but that is the slowest pace in the union, and about half the European average."

Professor Steve Hanke has spoken in favor of a bankruptcy scenario for Bulgaria’s troubled Corporate Commercial Bank (KTB).