Bulgarian Govt Goes for 'Euro-Plus-Pact' in Spite of Internal Opposition

Bulgaria in EU | March 24, 2011, Thursday // 19:07|  views

Bulgarian PM Borisov in Brussels, March 24, 2011. Photo by EPA/BGNES

Even though key figures such as the finance minister and the central bank head were initially against Bulgaria's joining EU's "Euro-Plus-Pact", the Bulgarian government eventually united in its favor, Prime Minister Borisov revealed.

Bulgaria's Finance Minister Simeon Djankov and Bulgarian National Bank Governor Ivan Iskrov were against Bulgaria's joining the pact of measures to ensure closure economic coordination of the euro zone countries, termed by European Council President "euro-pus pact", Bulgarian PM Boyko Borisov said in Brussels as he was attending the meeting of the European Council and a summit of the European People's Party, as cited by BTA.

"Everyone's opinion at the end of the day boiled down to this that if we don't join the euro pact now, Bulgaria will be learning only from the media what's happening in Europe, and then we will have nobody to be mad at that there is a two-speed Europe," Borisov stated.

He defended the idea of the euro competitiveness pact, arguing with rhetorical questions, as follows:

"If we want to be competitive to the other economies, we just have to join the pact. Are protests going to feed us? Let's assume everybody is protesting today. Where are we going to get money from tomorrow? That is why Europe is rightist today – because this has always been the engine generating innovations and productivity; this is what leads to a better life – not social concessions and protests," Borisov said.

He did also mention that during the EU Council he will stick to Bulgaria's position against common EU tax rates because the fact that Bulgaria has the lowest taxes in the EU is its way to being internationally competitive.

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Tags: Euro Pact, euro-plus-pact, euro zone, Boyko Borisov, Prime Minister, European Council, Simeon Djankov, finance minister, Ivan Iskrov, BNB


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