The European Commission has recommended Bulgaria be removed from the list of countries facing sanctions, as it has succeeded in bringing down its deficit below the 3% limit.
European Commission President Jose Manuel Barroso said that Bulgaria, along with Germany, should be removed from the EU's so-called excessive deficit procedure, which is designed to force member states to trim their deficits down to 3% of GDP, German news agency DPA reported May 30.
Bulgaria narrowed its budget gap to 2.1% of GDP last year from 3.8% in 2010 and plans to cut the deficit to 1.36% this year. Germany cut its to 1%. The move will have to be approved by the EU's finance ministers.
The country has sustainably corrected its fiscal shortfall in a durable manner, EU Economic and Monetary Affairs Commissioner Olli Rehn told reporters in Brussels May 30, Bloomberg reported.
Prime Minister Boyko Borisov thanked Barroso for the recommendation to strike Bulgaria from the blacklist, the government's press office said.
"The results achieved by Bulgaria are appreciated. After Moody's Investors Service Monday confirmed Bulgaria's stable outlook, the decision of the EC is the next positive assessment of this country," Borisov is quoted as saying.
If the recommendation is endorsed in June, a total of 21 of EU's 27 member states will be left under deficit proceedings. Estonia, Finland, Luxembourg and Sweden are the only other countries that have avoided the excessive deficit procedure.