03.11.2011

All EU countries should lay down upper limits for their deficits in their laws, said Finance Minister Simeon Djankov in an interview with the leading German newspaper Handelsblatt. According to him, the smaller is the state, the stricter should be the upper limit for the deficit because the greater is also the insecurity for the country. \"In case of a crisis, with the help of our instrument (the Financial Stability Pact) the 3% Maastricht limit will not be exceeded,\" said categorically the Finance Minister to the newspaper.

Bulgaria continues to pursue its goal for euro area membership, but for now it will wait to see the developments in the euro club. \"We have consistently fulfilled the Maastricht criteria for the euro area for a second year. Our government debt is around 15% of GDP and inflation and interest rates have calmed down. If we wanted to enter the ERM II now, we would have fulfilled all criteria for this purpose. And we have stringent budget criteria ensuring long-term financial stability to Bulgaria\", pointed out Simeon Djankov to the newspaper. He was categorical that the single European currency would benefit from its introduction by fiscally responsible countries like Bulgaria.