This thesis elaborates the character of Bulgarian Republic development over last years in the view of current situation, which is remarkably influenced by the global financial and economic crisis. The core of this thesis is to map the difficult path for Bulgaria's membership in the European Union, its entry into these structures and the subsequent development during the first 3 years of membership. Finally, I review the present position of Bulgaria in the EU and evaluate the overall benefits for Bulgaria joining the European Union and whether the country was able to complete the necessary reforms and deliver on promises, which it made before the accession to the Union.