Multi-speed Europe

Prime Minister Dimitar Glavchev expressed confidence that Bulgaria will meet the price stability criterion necessary for joining the Eurozone by the end of the year, allowing the country to request a new convergence report.

Associate Professor Grigor Sariyski from the Institute for Economic Research at the Bulgarian Academy of Sciences (BAS) voiced doubts about the feasibility of the 3% deficit target outlined in Bulgaria's Budget 2025. In an interview with the Bulgarian National Radio (BNR), he raised concerns regarding the country's fiscal health and its prospects for joining the Eurozone.

The Hungarian Presidency of the Council of the European Union plans to include the topic of lifting land border checks for Bulgaria and Romania in the Schengen area on the agenda for the European interior ministers' meeting in December.

Acting Interior Minister Atanas Ilkov stated today in Luxembourg that Bulgaria has received substantial support for full Schengen membership during a meeting of the EU Council.

European Commissioner for Internal Affairs Ylva Johansson addressed the European Parliament in Strasbourg, urging the abolition of land border controls for Bulgaria and Romania by the end of 2024. She emphasized that both countries had fulfilled all necessary requirements to join the Schengen area, highlighting the importance of free movement for EU citizens.

A source from the Hungarian EU presidency expressed optimism regarding the full acceptance of Bulgaria and Romania into the Schengen Area, reports BNR. "We firmly believe there is a possibility to achieve the full membership of Bulgaria and Romania in Schengen, and we will do everything we can to make this happen by the end of our presidency," the source stated.

Inflation in Greece is proving to be persistent and with a significant deviation from that of the eurozone, as despite the slight slowdown in its growth rate it remained at the level of 3% in September, while at the same time in the eurozone it stood at 1.8%.

Speaking before the European Parliament’s Economic and Monetary Affairs Committee (ECON), the chairwoman of the ECB stressed that the world is changing fast and Europe is lagging. According to her, the competitiveness gap of the European economy against the US and China cannot be closed except by further integration of the eurozone to address its structural challenges.

The government has trimmed its forecast for 2024 economic growth for a second time this year to 2.2%, as stagnation in eurozone countries hits investment and exports, the finance ministry has said.

From projected growth of 2.9% at the beginning of the year, the forecast was cut to 2.5% in April, also because of a wider EU slowdown.

The European Commission reaffirmed today that Romania and Bulgaria are fully prepared for complete accession to the Schengen area, according to a spokesperson cited by the Agerpres agency and reported by BTA.