Bulgaria's President Calls for EU Cooperation on Defense and Urges Swift Price Control Measures

President Rumen Radev addressed the challenges faced by European countries in increasing defense spending during his speech at an Economist magazine forum in Sofia. He pointed out that the European Commission's call to raise defense budgets to 5% of GDP poses a significant challenge for many nations across the continent. According to Radev, this push for higher defense expenditure only exacerbates the economic disparity between "small" and "large" countries within the EU. He suggested that defense spending should be more evenly distributed based on the capabilities of each member state.

While Radev acknowledged that the EU has the financial resources to increase defense spending, he emphasized that such investments should be accompanied by cooperation with smaller countries, particularly in the procurement of defense equipment. He underscored the importance of joint efforts to ensure that smaller nations can also contribute effectively to regional security.

On the topic of the war in Ukraine, Radev made it clear that peace cannot be achieved without Europe's involvement. He referred to a decree issued by Ukrainian President Volodymyr Zelensky, which prohibits any negotiations with Russia, and reiterated that Europe's role is essential in the pursuit of peace.

Turning to economic matters, President Radev expressed concern over the delayed establishment of price control mechanisms within Bulgaria. He stated that Bulgarian institutions were falling behind in creating effective price control bodies. Radev stressed the importance of having such mechanisms in place, not only to meet the criteria for Bulgaria's entry into the eurozone but also to protect vulnerable populations from inflationary pressures. He noted that while many people expect progress in this area, it is crucial for both the economy and the well-being of citizens to implement proper control measures.

Sources:

• BTA
• BNR