PM Signs Fiscal Stability Pact as EU Celebrates Bulgaria

Bulgaria's Prime Minister, Boyko Borisov, is in Brussels to sign the new EU Fiscal Pact on March 2. Photo by BGNES

Bulgaria's Prime Minister, Boyko Borisov, is taking part Thursday and Friday in the meeting of the European Council in Brussels, where the new EU Fiscal Pact will be signed on March 2.

The meeting participants will discuss measures to encourage economic growth and employment, the situation in Syria, granting Serbia the official statute of EU member candidate, and will approve the top priorities in the EU position at the G-20 forum.

On Friday, Bulgaria will join the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union or the so-called EU Fiscal Pact, which aims at encouraging budget discipline, increasing coordination of economic policies and better management of the Eurozone.

One Wednesday, the Bulgarian cabinet gave the final go on the country signing the pact by authorizing Borisov to do so.

Upon signing, Bulgaria will present a political declaration referring to the period before the country joins the euro zone on the application of part 4 of the EU fiscal treaty which refers to the coordination of economic policies, thus declaring a de facto Bulgarian opt-out from some provisions such as the harmonization of tax policies.

At the end of January, the European leaders approved the final text of the Treaty.

Bulgaria's decision states that in joining the Pact, Bulgaria should not assume fiscal responsibilities and will not coordinate its economic policy with the one of the countries in the Eurozone; will not harmonize taxes with the Eurozone, and will have a status of observer at meetings of Eurozone members.

Another condition is for the rules to be valid for the entire EU, without exceptions and parallel structures. The decision also states that Bulgaria will fully endorse the Treaty and will contribute to the European Stability Fund after joining the Eurozone.

The European Council summit coincides with the celebrations, organized by Bulgarian institutions in Brussels on the occasion of March 3, the country's National Holiday. One of the top events is the exhibit "Master Bulgarian Painters," held under the patronage of Culture Minister, Vezhdi Rashidov, and Bulgarian EU Commissioner, Kristalina Georgieva.

Bul­gar­i­an nation­al cui­sine and a viv­id cul­tur­al pro­gram will also be pre­sent­ed

It was reported meanwhile that as Borisov is in Belgium, senior officials are arguing how to interpret his order that they must return or donate bonuses they had received in the last two years with some refusing to comply.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!