ECOFIN removes excessive deficit procedure against Bulgaria.

By bne IntelliNews June 25, 2012
On Jun 22, the Economic and Financial Affairs Council (ECOFIN) decided to close the excessive deficit procedure (EDP) for Bulgaria due to consistently low general government deficit (below EU's 3% of GDP reference value), the Council said in a press release. The decision was taken after in May, the EC recommended removing the EDP. Thus, Bulgaria is already one of the six member states that are not subject to EDP. The EDP against Bulgaria was opened in Jul 2010 when the Council recommended that Bulgaria brought its deficit below the 3% GDP threshold by 2011. Bulgaria reduced its budget deficit from 3.9% of GDP in 2009 and 3.1% of GDP in 2010 to 2.1% in 2011. Additionally, the EC expects further narrowing of the gap to 1.9% of GDP in 2012 and 1.7% of GDP in 2013.

Related Articles

EC urges Bulgaria to comply with EU rules on free movement of capital.

The EC has sent a reasoned opinion to Bulgaria over failure to comply with EU rules on the free movement of capital, the EC said on its website. The privatisation act in Bulgaria introduces ... more

Govt seeks delay of antitrust rules violation procedure against Bulgaria.

Bulgaria will be seeking an extension of the court procedure filed by the EC against the country over irregularities found in the assignment of digital broadcast spectrum, transport minister ... more

Bulgarians hold EUR 100mn in deposits in Cyprus.

Bulgarian individuals and companies hold EUR 100mn in Cypriot banks according to ECB data, BTA reported quoting Reuters. The largest EU depositors in the crisis-hit country are Greece with EUR ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss