Multi-speed Europe

Bulgaria's industrial production has seen growth for the third consecutive month, with a reported increase of 0.8% in August compared to July, following minimal gains of 0.1% in June and 0.6% in July, as per data released by the European Statistical Office.

The International Monetary Fund has raised its forecast for Cyprus' economic growth in 2024 from 2.7% to 3.3%.

This updated prediction comes from the IMF's October World Economic Outlook report released on Tuesday.

In 2023, Bulgaria maintained one of the lowest government debt-to-GDP ratios in the EU at 22.9%, as overall government deficits in the euro area and EU slightly increased. Government deficits rose to 3.6% of GDP in the euro area and 3.5% in the EU, while government debt levels fell across the region.

Romanian Prime Minister Marcel Ciolacu has expressed strong optimism that Romania will join the Schengen Area, including land borders, by the end of this year. This announcement comes after several previous challenges in the country's quest for full integration into the Schengen framework.

BRUSSELS - European Union leaders agreed on Thursday to use all their leverage, including trade, development aid and visa policy, to speed up returns of migrants illegally entering the bloc and asked the European Commission to urgently draft a law.

Greece's September reading of the European Union-harmonized consumer price index was eventually even higher than projected on October 1 and further from the eurozone average, according to figures Eurostat released on Thursday.

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.