All articles tagged with #economic integration
Bulgaria will adopt the euro as its official currency on January 1, 2026, replacing the lev, after meeting EU convergence criteria, with measures in place to ensure a smooth transition and protect consumers. The move aims to enhance economic stability, facilitate trade, and strengthen Bulgaria's voice in Europe, with widespread support from EU citizens.
Bulgaria's adoption of the euro in 2026 is expected to reduce currency friction, boost cross-border trade, tourism, and property investments with Greece, especially in northern regions, while potentially increasing inflation and competition in the long term.
East Timor has been officially admitted to ASEAN, marking the group's first expansion since the 1990s, which offers the country economic opportunities and regional integration, despite some challenges in capacity and development.
The European Union's vision of a 'United States of Europe' faces setbacks as several member states reintroduce border controls, challenging the bloc's goal of political and economic integration. Concerns over illegal immigration, terrorism, and economic struggles in major economies like Germany and France have prompted these measures, which could hinder free movement and increase costs. Critics argue that border checks may not effectively address terrorism and call for a more integrated EU policing system. The EU's competitive position and future integration remain uncertain amid these challenges.
41 multinational companies have pledged to provide jobs, training, and connections to work opportunities for over 250,000 refugees in Europe, ahead of World Refugee Day. The pledges will be carried out over the next three years and include companies such as Amazon, Cisco, Hilton, Marriott International, Microsoft, and Starbucks. The Tent Partnership for Refugees, a global business coalition of over 300 companies, organized the business summit in Paris. The focus is on Ukrainian refugees, whose numbers swelled to over 5 million last year.
Iraq has unveiled a $17 billion project called the "Route of Development" to develop its road and rail infrastructure, linking Europe with the Middle East. The project would span 1,200 kilometres from the northern border with Turkey to the Gulf in the south and could be completed in three to five years. The aim is to make Iraq a transportation hub for goods and people moving between the Gulf, Turkey and Europe, contributing to economic integration efforts in the region.
Kazakhstan's President Tokayev criticized the Russia-led Eurasian Economic Union (EAEU) and warned against political integration between its members, cautioning that the union should be seen as an exclusively economic bloc. He also highlighted that economic integration within the EAEU is taking place in contradiction to the bloc's founding agreements and goals. Kazakhstan has grown increasingly wary of the Kremlin's geopolitical ambitions in the former Soviet space following its military offensive against Ukraine and has moved closer toward countries like the United States, China, and NATO member Turkey.