17.07.2023

The Minister of Finance Assen Vassilev took part in the regular monthly meeting of the Economic and Financial Affairs Council of the EU held today in Brussels. The agenda of the meeting included a discussion on the adjusted package for the next generation of own resources, the financial support to Ukraine offered by the Commission in the context of the MFF mid-term revision, the Customs Union reform and other topics on the EU agenda.

Bulgaria noted that merging the discussions on new own resources in the EU budget, the MFF revision and the financial support to Ukraine would not be useful. The Minister pointed out that while the discussion on own resources would require more time, the provision of financial support to Ukraine was urgent. He highlighted that Bulgaria supported Ukraine from the very beginning and would continue to do so. He called for considering the possibilities and the legislative basis with regard to the possibility for using the frozen assets of the Russian Central Bank. Regarding the own resources package, he said that Bulgaria did not consider it as a balanced one and that it contained only one new resource, i.e. the one based on the revenues from the Carbon Border Adjustment Mechanism. Regarding the other two new resources, he noted that Bulgaria was against the resource based on the European Emissions Trading Scheme as it was not based on new revenues but only changed the amounts of revenues for the national budgets and the EU budget. Regarding the new statistical own resource based on corporate profits, the Minister emphasises that it would lead to new tax revenues for the Member States. There was already an own resource based on GNI and it should continue to be used rather than trying to create new schemes based on theoretical profits.

Among the highlights of the Council's work were the proposals to reform the Customs Union. It proposes a new vision for a simplified and strengthened Customs Union. It is also important in relation to the discussions on economic security, better control of supply chains, and control of the EU's entry and exit points. As the EU's busiest land border, Bulgaria supports the proposal, not least because the creation of a centralised EU customs data space will facilitate customs administration. Bulgaria also supports the establishment of an EU customs authority.

During his visit to Brussels, Minister Vassilev held bilateral meetings with his counterparts from Sweden, the Czech Republic, Slovakia, Slovenia, Lithuania and Romania on issues related to the Council's agenda. He also had talks with Eurogroup President Paschal Donahoe and with Vice-President of the European Commission Valdis Dombrovskis. At these meetings, the Bulgarian Finance Minister briefed his interlocutors on Bulgaria’s progress towards the euro area.

You can view Minister Assen Vassilev's speech at the ECOFIN Council meeting here.

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