FM: EU Fiscal Compact Will Not Bind Bulgaria's Economy

Bulgarian Foreign Affairs Minister Nikolay Mladenov said the new EU fiscal pact will not take away important powers from Bulgaria. Photo by BGNES

The EU fiscal compact set to be negotiated at Monday's European Council will not harm Bulgaria's freedom to set its economic policy, said Bulgarian Foreign Affairs Minister Nikolay Mladenov.

Speaking in an interview for the Bulgarian National Radio Sunday, Mladenov assured that the pact will be of benefit to Bulgaria, as it will safeguard stability in the EU, at the same time not binding the hands of governments.

"This new pact will not hamper the Bulgarian government in its economic policies, social reforms, and in keeping taxes low," said Mladenov.

"We need to bring our country to the level of other EU members first. We can then consider harmonizing our economic policies," added the Buglarian top dipolomat.

Friday the Bulgarian Parliament gave the cabinet green light to sign the EU fiscal compact, given six conditions are fulfilled.

Among them are no economic and tax policy harmonization among EU member states, as well as an observer position of non-eurozone countries in eurozone meetings.

Regarding the recently leaked information that Bulgaria and Romania will received negative progress reports on the Co-operation and Verification Mechanism, Mladenov said "I expect the reports to be objective."

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