Today it is believed that the European Union will confirm that Bulgaria has achieved the required targets for the country to be taken off the budget deficit watch list.
The European Union finance ministers will all meet in Brussels today and one item on the agenda is the EU country budgets and the budget deficit list. It is believed that part of the agenda will talk about budget reform on EU economic policy legislation.
On the 27th January the EU released a statement saying that Bulgaria, among other EU countries, had been removed from the watch list. The statement read:
"The Commission concluded that on the basis of currently available information Cyprus, Finland, Bulgaria and Denmark have taken action representing adequate progress toward the correction of the excessive deficit,"
"...these member states, no further steps in the excessive deficit procedure are needed at present,"
This meeting comes just over six months after the European Commission brought about an excessive budget deficit list of 24 nations within the EU bloc that its says are spending beyond their means and need to reduce their spending greatly. Of these nations Bulgaria was one of those listed, but along with Cyprus, Finland and Denmark, Bulgaria has shown strength to reduce spending and be taken off the deficit watch list.
Bulgarian Prime Minister Boyko Borisov has said that the previous government were to blame for this situation as they were not open about many contracts worth Billions which increased government spending by 1.8% from 1.9% to 3.7%. 3% is the maximum allowed by the European Union.
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