Parliament gave the Government a mandate for negotiations on the financial pact
27 January 2012 News
The National Assembly adopted, with 129 votes in favour, only one against and 48 abstentions, a decision mandating the Bulgarian Government to negotiate Bulgaria’s participation in the Treaty on Stability, Co-ordination and Governance in the Economic and Monetary Union.
Through participation in the pact, Bulgaria will be part of the introduction of strict fiscal rules for EU Member States.
Along with this, Bulgaria will promote the principles that it maintains, of strict fiscal discipline and macro-financial stability.
Parliament’s decision says that the country's accession to the pact does not mean the assumption of additional financial obligations or commitments on the harmonization of tax policy with that of the Contracting States.
Bulgaria will apply the Treaty in its entirety from the date of its accession to the euro area and the removal of the derogation under Article 5 of the Act concerning the conditions for the Act of Accession of Bulgaria and Romania and the adjustments to the Treaties of the EU.
“Bulgaria will be able to pursue an independent fiscal policy if you sign the European fiscal pact," Foreign Minister Nickolay Mladenov told the National Assembly today, emphasising that most of the points on which Bulgaria has insisted are reflected in the draft pact.
As a country that needs to catch up in economic development and growth, it is important for us to join that part of the pact, which obliges the parties to be fiscally disciplined. This is a crucial step to avoiding further obstacles to Bulgaria’s future accession to the euro area, Minister Mladenov told Parliament.