Bulgaria invited to the new “monetary Schengen”

“Bulgaria has been invited to join the best performing countries in terms of fiscal performance in the projected elite 'monetary Schengen',” Deputy PM and Minister of Finance Simeon Djankov said today after the meeting with syndicates in Parliament. Brussels’ requirement for accepting Bulgaria in the elite club of the eight countries with the best financial performance is to start the pension reform.

“We are determined to be among the leading nations and implement the reforms which former Bulgarian governments failed to do over the years. We are among the few countries which may join the fiscal union between Germany, France, Luxembourg, the Netherlands, Finland, Estonia and Sweden,” said Djankov. Talks will be held on the fiscal framework for the entire EU, in which Bulgaria will have the privilege to participate.
As Klassa daily posted, the establishment of a new optimal common currency area between the EU and the US is being considered, for which only some of the EU member-states will qualify. The setting up of a “monetary Schengen” is the first step towards this. Robert Mundell, aka “the Father of the Euro”, who launched the idea paid a secret visit to our country in March 2011 and met Simeon Djankov, as Mundell himself confessed to a Bulgarian participant in the discussions on the future of the Eurozone held in Brussels last week.

The initial idea of German Chancellor Angela Merkel to implement tax harmonisation in the Europack + has been dropped. The condition for Bulgaria’s participation in the elite club has been explicitly linked with the preservation of tax autonomy.

The Finance Minister motivated the start of the pension reform with the huge deficit of the National Social Security Institute (NSSI) as well, which would surge to BGN 6.5 bn by 2020. “We are launching the first actual social reform in Bulgaria in the last 15 years and we are determined to do it. It will dramatically reduce the gap in NSSI’s budget –by BGN 500 mln until 2014 on an annual basis and by BGN 6 bn until 2020,” specified.

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