The impact of adverse initial conditions and the resulting speed and sequence of reforms in determining the delayed EU membership of Bulgaria

The subject of the paper is the analysis of the speed, sequence and path of a formerly centrally administered economy, Bulgaria, to a market economy. Comparing the macroeconomic developments and transition reforms of Central and Eastern European (CEE) countries, Bulgaria is lagging behind. It is concluded that the stop-and-go nature of the conducted Bulgarian reforms and the lack of commitment to deep-seated reforms by successive governments were due to the adverse initial economic conditions that the country experienced during transition, as well as the intense external shocks the country endured. These factors were the main barriers to attaining sustained growth, and contributed to Bulgaria's delayed entrance to the EU.