Stability and Growth Pact

EU Economic, Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici gave a press conference in Greece on Wednesday. “There remains a lot of work to be done.

Bulgaria is unlikely to be subject to an excessive deficit procedure for 2014, despite latest statistical data showing its budget deficit for that year was twice the maximum value prescribed by the EU.

Following the assessment of Bulgaria's 2015 National Reform Programme and Convergence Programme, the European Commission issued five country-specific recommendations on Wednesday.

As Bulgaria was currently experiencing excessive macroeconomic imbalances, decisive policy action and specific monitoring was required.

By EU Economic and Monetary Affairs Commissioner Pierre Moscovici

Global growth and world trade are expected to strengthen modestly, though at a slightly slower pace than envisaged in winter.

A second vote whether to update this year's state budget is scheduled for Wednesday.

Bulgaria's European Commissioner for Budget, Human Resources and Securit Kristalina Georgieva called for urgent and profound reforms in Bulgaria in an interview for the BNR public broadcaster.

According to her, the priorities were healthcare, pension system and administration.

Interim Finance Minister Rumen Porozhanov has voiced concerns that the current account deficit could reach 3 percent in 2014.

Under the State Budget of the Republic of Bulgaria Act the deficit is projected at 1.8% for the year, after the previous Parliament failed to pass an update to the fiscal plan proposed by Plamen Oresharski's cabinet.

Germany's Angela Merkel signalled her readiness on Wednesday to give EU states more flexibility within current budget rules to promote growth and job creation, but made clear she will push her choice of European Commission chief over British objections.