Vol. 71 No. 3 (2026): Issue 3/2026

The article examines the cost of macroeconomic stability in the countries of Central and Eastern Europe (CEE) through comparative analysis and panel estimates based on a balanced panel of 11 countries over the period 1995–2024. The empirical approach is tailored to the actually available database: fiscal consolidation attempts are measured through the improvement in the observed budget balance rather than through structural fiscal indicators, which are absent from the dataset used. The results reveal persistent differences between the cautious, expansionary, and consolidation fiscal regimes. The estimated panel models do not support the hypothesis of a universal short-term cost of stabilization: in the baseline specification, the improvement in the budget balance is positively, albeit only weakly significantly, associated with economic growth. At the same time, the composition of the fiscal adjustment turns out to be decisive: restrictive fiscal policy based predominantly on revenue increases is negatively and statistically significantly associated with growth, whereas adjustment based mainly on expenditure reductions is associated with more favourable macroeconomic dynamics. Bulgaria is examined as a separate case study. The analysis shows that the earlier accumulation of fiscal buffers has limited the debt-related cost of stability, but has not fully eliminated the tension between the objectives of macroeconomic stabilization and the dynamics of investment activity

The article presents four rediscovered early publications by Georgi Petrov (1929–2026), published in the newspaper “Rodopski Ustrem” in September 1964 and devoted to Bulgaria’s economic reform. They address the decentralization of economic management, the autonomy of enterprises, the role of profit and profitability, credit, and material incentives. The texts testify to an early and radical search for market mechanisms within the socialist economy. Their rediscovery and publication contribute to the history of Bulgaria’s economic reforms of the 1960s and allow for a more precise assessment of Georgi Petrov’s place in the reform debates of the period.

The paper examines the barriers to foreign trade in three traditional Bulgarian products – dairy products (cheese and curd), wheat, and tobacco – from the beginning of the transition to a market economy through 2024. The main argument is that, after 1990, the trade performance of these sectors has been shaped less by tariff restrictions and more by domestically driven structural deficiencies, the costs of compliance with EU requirements, logistical bottlenecks, and the concentration of export markets. The analysis combines a historical-institutional approach, placing three different types of commodities within a unified analytical framework and demonstrating that, as formal barriers weaken, various combinations of structural, non-tariff, logistical, and geopolitical constraints come to the fore. Three distinct development trajectories are identified: in dairy products, illustrated by cheese and curd, the main barrier remains the weak raw material base and the difficulty of standardization; in wheat exports, price volatility and dependence on logistics are the key factors, while non-tariff barriers are relatively limited; in tobacco, regulatory changes and geopolitical risks are decisive, particularly given the high concentration of export destinations. The historical perspective thus reveals not a single pattern of foreign trade orientation in traditional agricultural sectors, but three different regimes of trade adaptation that should be considered in the formulation of agricultural policy.

This article examines the scholarly contribution and political activity of Walt W. Rostow (1916–2003) through a historical-interpretative approach. It focuses on his stages of economic growth as an alternative to Marxist interpretations of development and as part of broader post-war debates in development economics. The analysis shows that Rostow’s stage theory, anti-communist worldview and involvement in U.S. development policy were closely related but should not be conflated, while U.S. strategy in Vietnam cannot be treated as a direct application of his theory. In retrospect, elements of Rostow’s model remain useful for interpreting post-socialist transformations and China’s development, but its explanatory power is limited by linearity and an assumption of self-sustaining growth.

The article examines sustainable banking as a result of the transformation of the concept of sustainable development within the contemporary financial system and as a process of institutional adaptation emerging under the influence of regulatory pressure, economic incentives, and changing societal expectations. Based on the concepts of the Triple Bottom Line, stakeholder theory, and institutional theory, the study develops an integrated analytical framework for interpreting sustainable banking.

The paper advances the thesis that sustainable banking should primarily be understood as a process of institutional adaptation to the regulatory and economic environment rather than as a fully completed and universally applicable model for the transformation of the financial system.

Special attention is devoted to the role of the European Investment Bank (EIB) as an institutional mechanism for implementing sustainable finance policies within the European Union. The analysis demonstrates that sustainable banking is gradually becoming a structural element of the contemporary banking model, while simultaneously revealing contradictions related to the balance between sustainability, financial efficiency, and competitiveness. In the Bulgarian context, the study identifies emerging trends toward the integration of sustainable practices, but also shows that the process remains partially formal and highly dependent on external institutional pressure, creating a risk of formal compliance with ESG policies.

The main contribution of the article lies in linking theoretical models with the analysis of the EIB and the Bulgarian banking sector, arguing that sustainable banking should be regarded as a dynamic and multidimensional process whose effectiveness depends on the institutional environment and the degree of actual integration of ESG principles.

The global volume of e-commerce has been steadily increasing, prompting retailers to adopt online sales channels alongside traditional physical stores. A similar trend is observed in the adoption of artificial intelligence in retail, where AI is becoming a key prerequisite for market competitiveness. E-commerce encompasses multiple dimensions, and the present study focuses on one increasingly relevant area: voice commerce. The paper aims to examine the use of artificial intelligence in voice commerce through an online consumer survey and in-depth interviews with industry practitioners. The findings provide insights into consumer attitudes, perceived benefits, barriers to adoption, and the practical implications of AI-based voice commerce for improving customer experience and enhancing market competitiveness.

12 August 2026 marked the 100th anniversary of the birth of Stoyan Georgiev Rizov (1926–2002), a long-serving editor and executive secretary of the journal "Economic Thought", a scholar and one of the key figures who shaped the character of the journal.