Send to Kindle
The Euro sculpture is seen in front of the European Central Bank (ECB) headquarters in Frankfurt, Germany. Photo by EPA/BGNES
Bulgaria's parliament approved on Friday the draft decision for joining the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union or the so-called EU Fiscal Pact.
The treaty was supported by 129 MPs, 1 voted against, while 48 abstained.
Foreign Affairs Minister, Nikolay Nladenov, informed the MPs that the country has set six conditions for the joining, such as no tax harmonization in the EU.
The Eurozone pact aims at establishing more rigid fiscal discipline and stronger coordination of economic policy.
On Wednesday, MPs from three Parliamentary Committees - on Foreign Policy, on European Affairs, and on Budget, at a joint meeting, passed the proposal with which the Parliament gives the cabinet green light to take part in negotiations for the Pact.
The 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 after joining the Eurozone.
Meanwhile, economy experts have said that Bulgaria's joining of the Treaty is a must, but it remains unclear how the new fiscal discipline rules will be controlled - they ask for the establishment of an independent body to execute this control.
We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!
As Bulgaria inches closer to potential entry into the Eurozone, a closer examination of the nation's banknote circulation provides valuable insights into its monetary landscape
As Bulgaria grapples with a deepening political crisis and the looming specter of early elections, the economic ramifications are starkly evident
Bulgaria's aspirations to join the Eurozone in 2025 face significant hurdles as economic slowdown and political uncertainty pose formidable challenges, according to a recent analysis by the World Bank
As Bulgaria gears up to join the Eurozone, citizens are voicing their concerns and expectations regarding the transition
In a historic turn of events, Simon Harris has been appointed as Ireland's youngest-ever prime minister, following a parliamentary vote on Monday
The newly appointed Acting Deputy Prime Minister and Minister of Finance, Lyudmila Petkova, has reaffirmed the country's commitment to joining the Eurozone, the Organization for Economic Co-operation and Development (OECD), and achieving full-fledged Sche
In a recent interview with BTA, Kristalina Georgieva, Managing Director of the IMF, emphasized the importance for Bulgaria to seize the opportunity to adopt the euro, stressing that it is achievable with the right political will
In its latest macroeconomic forecast released on Tuesday, the Bulgarian National Bank (BNB) anticipates a 2.2% increase in Bulgaria's Gross Domestic Product (GDP) for the year 2024, compared to 1.8% in 2023
As Bulgaria inches closer to potential entry into the Eurozone, a closer examination of the nation's banknote circulation provides valuable insights into its monetary landscape
In a recent report by the National Statistical Institute, Bulgaria's annual inflation rate for March witnessed a notable deceleration, settling at 3% compared to the previous month's figure of 3.0%
As Bulgaria grapples with a deepening political crisis and the looming specter of early elections, the economic ramifications are starkly evident
Bulgaria's aspirations to join the Eurozone in 2025 face significant hurdles as economic slowdown and political uncertainty pose formidable challenges, according to a recent analysis by the World Bank
UN Happiness Report: Bulgaria's Astonishing Leap in Rankings
Bulgaria: 3 Regions With Lowest Life Expectancy - EU Report 2022
