Stability and Growth Pact

According to preliminary data of the National Statistical Institute, Bulgaria's debt for 2018 amounts to BGN 24.430 billion, or 22.6% of GDP.

The Greek 2019 budget is compatible with the EU's Stability and Growth Pact, Commission Vice President Valdis Dombrovskis said on Monday, arriving at the Eurogroup meeting in Brussels.

Eurozone finance ministers will discuss, among other ssues, the draft budgets of member-states.

He also said Greece will achieve its target for a primary surplus of 3.5 percent next year.

The European Commission has established that no effective action was taken by Romania in response to the council recommendation of June and proposes that the council adopts a revised recommendation to Romania to correct its significant deviation from the adjustment path towards the medium-term budgetary objective.

The new government first plans to review the 2019 budget and amend it in line with the commitments enshrined in the coalition agreement.

Sustainable public finances are in line with the growth and stability pact and the respect of the fiscal rule is enshrined in the Constitution, Sašo Polanec of the Ljubljana Economics Faculty commented on this for the STA.

On 22 June 2018, the Council adopted a decision establishing that Romania has once again failed to take effective action to correct a significant budgetary deviation.

It issued a new recommendation, the third to Romania since June 2017 under the EU's 'significant deviation procedure'.

On 22 June 2018, the Council closed the excessive deficit procedure for France, confirming that it has reduced its deficit below the EU's 3% of GDP reference value.

The Council thereby abrogated its decision of April 2009 on the existence of an excessive deficit in France.

According to the final data of the National Statistical Institute the General Government Institutional Sector reported in 2016 a deficit of 36 million BGN or 0.04% of GDP. The deficit in Central Government amounted to 130 million BGN or 0.14% of GDP. The Local Government subsector reported a surplus of 73 million BGN and the sub-sector Social Security Funds 21 million BGN.

European Union states decided on Monday to close disciplinary procedures against Greece over its excessive deficit after improvements in Greece's fiscal position, confirming the country's recovery is on the right track.

EU states backed a recommendation by the European Commission to end the excessive deficit procedure.

The European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici stated that the Greek people had made enormous sacrifices which should not be lost. “This is a particularly symbolic moment for Greece. After so many years of sacrifices for the Greek people, the country finally reaps the fruit of its efforts”, he said.

The official statement:

A report on the sustainability of Greek debt was filed by the Commission at the ECOFIM last week, part of which reveals Bloomberg and probably hides several unpleasant surprises for Greece.