EC advises Romania and Bulgaria on macroeconomic stability
The European Commission (EC) will this week urge Romania and Bulgaria to capitalise on their favourable economic conditions by making secure their public finances, according to a draft report.
This week the commission will discuss the countries' plans of how to meet medium-term budget targets, and is expected to call for upwardly revised budgetary surplus targets.
Bulgaria currently forecasts its budgetary surplus to reduce from 3.2% of gross domestic product in 2006 to 0.8% this year, followed by an increase to 1.5% in 2008 and 2009.
"Bulgaria is invited to achieve a higher budgetary surplus in 2007 than currently planned and to maintain a strong position thereafter in order to foster macroeconomic stability and contain the high external deficit," Reuters reports a draft EC assessment as saying.
Bulgaria is forecasting GDP growth at 5.9% this year, rising slightly to 6.2% and 6.1% in 2008 and 2009 respectively.
Romania will this month deliver to the EC its first annual report on progress in justice reform as part of its assimilation into the EU, HotNews reports.
< Back to latest news