Bulgarian Experts: EU Needs Resolute Draconian Austerity

Bulgarian Experts: EU Needs Resolute Draconian Austerity

EU governments, including Bulgaria, need to intensify their efforts for reforms and financial dicipline if Europe is to overcome the financial crisis, stated a team of Bulgarian economists Sunday.

The Macro Watch team, a project of Open Society Bulgaria since 2007 unites experts from the most high-profile Bulgarian ecnonomics think tanks.

"The crisis in Europe deepens, negative scenarios for the European economy are ever more likely and this requires an immediate and resolute reformist answer on the part of governments, including Bulgaria," stated experts.

They also said they believed the crisis will "deeply redefine" the EU, but it is not yet clear which way the Union will take.

"The EU needs strict rules for financial discipline and reforms, and member states that do not follow them need to be punished, including by termination of membership. At the same time, reformist disciplined members need to be rewarded."

The Macro Watch team in particular specified that although Bulgaria has followed a consistent policy of fiscal discipline, it is not immune to risk and needs to implement tighter austerity.

"Bulgaria needs a worst-case scenario state budget for 2012 to create the maximum amount of buffers," argue the analysts.

They also state that the government needs to be resolute in reforms, cutting down both inefficient structures and spending. (Source: Sofia News Agency)

Previous Next
Close
Test Caption
Test Description goes like this
Cookies Preferences
Choose Type of Cookies You Accept Using


These cookies are required for the website to run and cannot be switched off. Such cookie are only set in response to actions made by you such as language, currency, login session, privacy preferences. You can set your browser to block these cookies but our site may not work then.


These cookies allow us to measure visitors traffic and see traffic sources by collecting information in data sets. They also help us understand which products and actions are more popular than others.


These cookies are usually set by our marketing and advertising partners. They may be used by them to build a profile of your interest and later show you relevant ads. If you do not allow these cookies you will not experience targeted ads for your interests.