Scorecard for Bulgaria’s currency board

During 1990, I spent a good deal of time in Belgrade, where I served as the personal economic advisor to the deputy prime minister of Yugoslavia and where inflation was a major problem. Indeed, from 1971 to 1991, Yugoslavia's annualised inflation rate was 76%. Only Zaire and Brazil topped that dreadful performance. To solve the inflation problem, I recommended an orthodox currency board.1

From my vantage point in Belgrade, I was well positioned to observe the events unfolding in Bulgaria. The

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