EU cohesion policy: a tool to catch up, but in the context of macroeconomic discipline
11 October 2011 News
“The Cohesion Policy remains the most important instrument with which we can close up the economic differences within the European Union. At the same time, Bulgaria, as the country with the lowest budget deficit and the lowest foreign debt in Europe, warmly welcomes the introduction of the macroeconomic requirements for disbursement of funds by cohesion programs.” This was said by Foreign Minister Nickolay Mladenov at a meeting of the General Affairs Council in Luxembourg, during the first debate on the structure of cohesion funds for 2014-2020. EU foreign ministers discussed the European Commission’s proposed draft legislation on the matter.
Bulgaria supports the European Commission's cohesion policy, because it provides for simplified procedures and programs in the next financial period by strengthening control over spending, Mladenov said. Bulgaria and other EU countries, however, opposed the imposition of a ceiling of 2.5 per cent of GDP for national funding for cohesion policy, because it can limit the resources that are available to the poorest regions in Europe.