Bulgaria signs EU fiscal pact.

By bne IntelliNews March 5, 2012
Bulgarian PM Boyko Borisov signed last week the EU treaty on stability, coordination and governance in the Economic and Monetary Union (EMU), aimed at strengthening the fiscal discipline and at introducing stricter surveillance within the euro area by establishing a "balanced budget rule". The Bulgarian parliament supported the document on January 27, 2012. The treaty will enter into force in Bulgaria once the parliament ratifies it. Bulgaria will apply the treaty prior to its accession to the eurozone with the exception of the chapter referring to economic policies coordination. The country will also follow the chapter that reaffirms the Maastricht criteria for fiscal discipline pursuing a balanced budget or a budget surplus, a structural budget deficit of less than 0.5% of GDP, and gross government debt to GDP ratio of below 60%. The balanced budget rule must be incorporated into the member states national legal systems, preferably at constitutional level, within one year after the treaty enters into force. Only the UK and the Czech Republic decided not to join the treaty.

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