Bulgaria Signs EU Fiscal Treaty

Bulgaria Signs EU Fiscal Treaty

Bulgarian Prime Minister Boiko Borisov alongside his counterparts from all but two other European Union member states, signed an EU treaty on fiscal discipline.

"Twenty-five European leaders today signed the Treaty on Stability, Coordination and Governance aimed at strengthening fiscal discipline and introducing stricter surveillance within the euro area, in particular by establishing a "balanced budget rule", the European Commission said on Friday in a statement published on its website following a European Council meeting in Brussels.

The countries that have ratified the pact should incorporate into their national legal systems a requirement for their national budgets to be in balance or in surplus, a criterion that would be met if the annual structural government deficit does not exceed 0.5% of GDP at market prices, the Commission said. If a country breaches the budget deficit rules, an automatic correction mechanism will be triggered.

In compliance with a resolution by the Bulgarian Parliament, Bulgaria will join the compact but will not apply prior to its accession to the euro zone Title 4 of the document which envisages strengthening the economic policy coordination and convergence, the government's press office said.

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