(Editor's note: S&P Global Ratings believes there is a high degree of unpredictability around policy implementation by the U.S. administration and possible responses--specifically with regard to tariffs--and the potential effect on economies, supply chains, and credit conditions around the world. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential and actual policy shifts and reassess our guidance accordingly (see our research here: spglobal.com/ratings).) As a small open European economy with a longstanding currency board, Bulgaria's expected entry into Europe's Economic and Monetary Union (EMU) as soon as next year will benefit from access to euro area capital markets and promote monetary stability. However, recent
