'Euro-Plus-Pact' Agreed, 6 Non-Euro States Join Including Bulgaria

'Euro-Plus-Pact' Agreed, 6 Non-Euro States Join Including Bulgaria

Euro zone leaders have reached a deal to form a "Euro-Plus-Pact" providing for closer economic coordination between Euro Area states and non-euro countries which volunteered to join, including Bulgaria.

The "Euro-Plus-Pact" - initially known as a euro zone competitiveness pact or just an euro pact, proposed last month by German Chancellor Angela Merkel and French President Nicolas Sarkozy - was agreed upon in Brussels Thursday where EU 27 leaders came together for an European Council meeting, EU Observer reported.

In addition to the 17 Euro Area countries, six non-euro-using states - Denmark, Poland, Romania, Bulgaria, Latvia and Lithuania - have opted to join the Euro-Plus-Pact, with the UK, Sweden, Hungary, and the Czech Republic staying out, at least at the current stage of its formation.

The last name of the Euro-Plus-Pact was used by European Council President Herman Van Rompuy in a Tweeter message announcing the joining of the six non-euro countries

International reports initially listed Bulgaria as one of the "euroless" state that will stay out of the pact together with the Brits, Swedish, Hungarians, and Czechs. Those appeared not to be completely unfounded as Bulgarian Prime Minister Boyko Borisov revealed in Brussels Thursday that key government figures were opposing Bulgaria's joining the Euro-Plus-Pact at this stage. However, an agreement in favor was reached eventually.

Thus, Thursday morning before flying off to Brussels, Borisov told the Members of the Parliament Bulgaria will support the so-called "Euro Pact."

"The political agreement for the Euro-Plus-Pact will be debated by the European Council. We will back it. The financial and economic crisis showed us we need improvement and stabilization," Borisov said.

"The Bulgarian cabinet should not stay outside this key pact. Bulgaria's joining of the Eurozone is crucial for the country because it is a matter of economic stability. Our country will avoid the establishment of a two-speed Europe. We have always worked to get closer to other EU Member States; to halt irresponsible fiscal policies," the PM told the MPs.

Borisov pointed out the currency board was a good move because it was established to tame the economic crisis in 1996 - 1997, but it is no longer sufficient, adding for this reason Bulgaria will join the "Euro Pact." "Our support is mainly a matter of principle," the PM stated. /Source: Sofia News Agency/.


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