Bulgarian PM Vows Support for 'Euro Pact'

The Euro + is a planned pact on coordinating economic policy among nations that use the EUR. File photo

Bulgarian Prime Minister, Boyko Borisov, told the Members of the Parliament Thursday Bulgaria will support the so-called "Euro Pact."

Borisov will fly to Brussels later Thursday to attend the European Council meeting.

"The political agreement for the Pact Euro+ will be debated by the European Council. We will back it. The financial and economic crisis showed us we need improvement and stabilization," Borisov said.

The Euro + is a planned pact on coordinating economic policy among nations that use the EUR.

"The Bulgarian cabinet should not stay outside this key pact. Bulgaria's joining of the Eurozone is crucial for the country because it is a matter of economic stability. Our country will avoid the establishment of 2 "speed zones." We have always worked to get closer to other EU Member States; to halt irresponsible fiscal policies," the PM told the MPs.

Borisov pointed out the currency board was a good move because it was established to tame the economic crisis in 1996 – 1997, but it is no longer sufficient, adding for this reason Bulgaria will join the "Euro Pact."

"Our support is mainly a matter of principle," the PM stated.

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