Cause and Effect in European Politics and Law

Bulgaria generally supports the new proposal for European financial supervision

Adelina Marini, June 11, 2009

Bulgaria has generally supported the conclusions of the Council of finance ministers - ECOFIN, the Bulgarian representation to the EU reported in response to a question of euinside. The conclusions generally correspond to the Bulgarian positions after some remarks have been taken into account. The issues that have been of some concern for Bulgaria were related to clarification of the functions of the supervisor and the body that bears the fiscal responsibility. In other words, as other states have said, it is possible that the creation of the European System of Financial Supervision to cover the functions of the national supervision bodies which bear the main responsibility for the fiscal policy on national level.

But after some discussions an agreement has been achieved, so the final version of the conclusions on the matter, details of which you could find in the links below, fully satisfies Bulgaria. The conclusions will be discussed further by the EU leaders next week.