site.btaEuropean Commission Vice-President Dombrovskis Confers with President Radev, Prime Minister Borissov

European Commission Vice-President
Dombrovskis Confers with
President Radev, Prime Minister Borissov


Sofia, June 2 (BTA) - Vice-President of the European Commission for the Euro and Social Dialogue, also in charge of Financial Stability, Financial Services and Capital Markets Union Valdis Dombrovskis conferred Friday with President Rumen Radev and Prime Minister Boyko Borissov.

Dombrovskis is in Sofia to attend a conference presenting the 2017 European Semester recommendations specific to Bulgaria.

President Radev said, quoted by his press secretariat, that Bulgaria is determined to prove its ability to implement sustainable and irreversible reforms, to strictly follow the European policies, and to maintain its economic stability. The head of State said that EC's recommendations are an important starting point for the national policies and aid the realization of the common priorities within the EU.

Radev affirmed Bulgaria's ambition to join the monetary union, supported by its good results in achieving sustainability of public finances and strict adherence to the Maastricht criteria.

Radev also dwelled on the question of Bulgaria's membership in the Organization for Economic Cooperation and Development (OECD). "There is total political consensus in Bulgaria about the benefits from the OECD membership. We are sure that this country's efforts and the hard reforms implemented by it are seen and appreciated in Europe," Radev said. He recalled that Bulgaria already participates in a number of OECD bodies and is ready to join other working bodies and legal instruments of the Organization.

Radev said that the reforms which Bulgaria can implement using OECD's expertise are important for achieving convergence with the other member states in the EU. He noted that the efforts to achieve the high standards of OECD are to be also considered in the context of Bulgaria's preparation to participate in the next levels of integration in the EU. The participation in the OECD will also strengthen Bulgaria's role in Southeast Europe as a recognized economy active in the formation of policies and good practices implementation at regional level, Radev said.

The participants in the meeting also discussed the necessary future steps to reduce the risks in the financial sector, increase employment and have a stable pension system. Dombrovskis said that Bulgaria can rely on EC's support in the process of joining the OECD at a decisive moment for the country and for the EU. The EC official noted the upcoming Bulgarian EU Presidency during which key common priorities will be championed. The guest said that important concrete decisions will be taken by the end of the year for developing the EU within the discussion of the White Paper on the future of Europe and the five scenarios in it.

Earlier in the day Dombrovskis conferred with PM Borissov and presented him with EC's Reflection Paper on the strengthening of the economic and monetary union until 2025, the government's information service said. The EC official said that similarly to the White Paper, the document is not a plan but rather a basis for discussion among
the member states.

The participants in the talks commented the progress of the reforms Bulgaria implements in the financial sector, the labour market, social policies, education and health care.

Dombrovskis noted the strict implementation by Bulgaria of the Stability and Growth Pact and the growth of the country's economy which is above the EU average. According to the EC official, a key challenge for Bulgaria's admission to the Eurozone is overcoming the macroeconomic imbalances.

Borissov said that solving this problem is one of the key priorities of the government. The Prime Minister said that an improvement of the structural balance has been reported. Thanks to the fiscal consolidation, the public debt has been stabilized to a low and sustainable level, well below the average for the Eurozone and the EU, Borissov said. A budget surplus is
reported, exceeding 1.6 billion leva in May, according to preliminary data.

Maintaining the fiscal stability and pursuing a consistent, transparent and predictable tax policy will continue, as this is a prerequisite for improving the business climate, promoting investments and stimulate the labour market, Borissov said. LY, PK/ZH//