Chapter 12 of the report on the project for economic growth and transition towards market economy in Bulgaria, titled “Zone for Free Initiative in Bulgaria: “Hong Kong” of Eastern Europe” reads the following: “To ensure the success of the program of the free zone, Bulgaria’s government has to revise Decree 2242 in tune with the recommendations on the structure of foreign trade which would act as a magnet for new export-oriented investors”. Peter J. Wallison proposed the creation of a free-market territory or a special economic zone near Varna as a demonstrative project. “It still is a magnificent exemplary legislation of how a free zone is to be created”, notes Richard Rahn. The Law on the Establishment of Free Zones for Entrepreneurship, passed in 1991, which we would like to present to your attention is in English. If you wish to understand to what degree the proposals of Peter Wallison have affected the legislative framework, you can compare the project with the amendments to Decree №2242/14.07.1987 on Free Zones, made during the years.
Peter J. Wallison, the author of the proposed in 1991 Law on the Establishment Of Free Enterprise Zones, is the Arthur F. Burns fellow in financial policy studies at the American Enterprise Institute (AEI). He is a co-director of AEI's program on financial policy studies, researches banking, insurance, and securities regulation. He served as general counsel of the U.S. Treasury Department and as White House counsel to President Ronald Reagan. He is the author of Ronald Reagan: The Power of Conviction and the Success of His Presidency (Westview Press, 2002). His other books include Competitive Equity: A Better Way to Organize Mutual Funds (2007); Privatizing Fannie Mae, Freddie Mac, and the Federal Home Loan Banks (2004); The GAAP Gap: Corporate Disclosure in the Internet Age (2000); and Optional Federal Chartering and Regulation of Insurance Companies (2000). He also writes for AEI's Financial Services Outlook series.
Date: March 24th, 2014 | Author: Peter J. Wallison