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Bulgarian Government Approves EU Economic and Monetary Union Stability Treaty

At the time of signature, Bulgaria will present a political declaration on implementing the treaty before joining the euro area, exclusive of Title IV: Economic Policy Coordination and Governance

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29-02-2012 06:39:00
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Bulgaria's Council of Ministers on Wednesday approved the draft of the EU Treaty on Stability, Coordination and Governance in the Economic and Monetary Union and authorized Prime Minister Boyko Borissov to sign it, subject to ratification, the Government Information Service said. At the time of signature, Bulgaria will present a political declaration on implementing the treaty before joining the euro area, exclusive of Title IV: Economic Policy Coordination and Governance.

 

The treaty is aimed to strengthen the economic pillar of the Economic and Monetary Union by adopting a set of rules intended to foster budgetary discipline through a fiscal compact, to strengthen the coordination of economic policies and to improve the governance of the euro area, thereby supporting the achievement of the EU's objectives for sustainable growth, employment, competitiveness and social cohesion.

 

On January 27, 2012 the Bulgarian Parliament resolved that the country will join the treaty. On January 30, during the extraordinary European Council, the countries reached political agreement ad referendum on the text of the draft treaty. The treaty will be signed on March 2 during the European Council.



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