Zinaida Zlatanova, Head of the Representation of the European Commission in Bulgaria: A minimum tax rate on financial transactions in the EU would bring in a revenue of about €57 bn per year

- Mrs. Zlatanova, on the European Consumer Day, organized by the EC, experts from the Food Safety Agency reported that for 11 months they had received over 3,200 signals from citizens, which is a sign that more and more people are standing up for their rights. What should Bulgarian consumers know about the new rules for food labelling?
- The correct labelling of a product is no less important for consumers than its quality and composition. Late last year, the European Commission adopted a new Regulation on the information provided to food consumers, which introduces several new requirements. First of all, the goods that imitate another product - such as cheese for example, in the production of which is used vegetable oil, will be clearly marked. Secondly, as a result of abuses with the so-called small print, a mandatory requirement for a minimal size of the letters on labels is being introduced - they can not be smaller than 1.2 mm. In addition, the labels have to contain a clear indication of the presence of any allergens - from cereals to nuts and soya, of food additives – the so - called E-numbers. Strict rules are also being introduced for the labelling of GMO contents in case they exceed 0.9% of the total quantity of the product.

- Bulgarian citizens are considered some of the most negatively affected in the EU not only because of the high prices of mobile services. What are the European laws that protect them?
- There is hardly any European who has not heard of the initiatives of Commissioner Viviane Reding, aimed at reducing the price of telephone services. As a result of her work, the roaming prices and those of the national calls have dropped substantially throughout the continent. The European Commission, however, only sets the general framework for action and the specific measures for its implementation depend both on the national regulators and the telecom companies. It depends on them alone how the reduction of the termination rates on wholesale prices would affect final consumer prices.

- The Trade Unions in Bulgaria proposed the imposition of a tax on financial transactions. Could this issue be settled through legislative initiatives?
- The legislative proposal for the introduction of a tax on financial transactions was made by the European Commission in September last year. The fact that it received public support in Bulgaria is indicative of its feasibility. The EC proposal is very balanced - it provides a minimum rate of just 0.1% of the value of financial transactions and merely 0.01% on transactions with financial derivatives. At the same time, the calculations show that the application of such tax in the EU would bring in a revenue of more than €57 bn per annum.

Such a tax would lead to benefits for the European citizens. On the one hand, it would ensure additional revenue at a time of economic crisis. At the same time, the imposirion of such a tax would have a disciplining effect on financial markets and limit the speculative transactions, such as high-frequency stock trading via computer programs.

We must not forget that the money of European taxpayers saved the banking industry in the midst of the crisis, so the tax on financial transactions would enable banks to take their share of responsibility. The revenues from the tax could be shared between the European and national budgets, which would allow the reduction of the national contributions of the member states in the common EU budget.

- What new ideas and themes should we expect in the new European legislation?
- The new program, which we suggested, includes more comprehensive oversight of budgetary and economic policies of the member states (the so-called six legislative acts) amd is already in force. The year of 2012 is the first one in which the European Commission will be able to take full advantage of its new powers, targeting better economic management of the Eurozone and the European Union as a whole.

2012 is the second year, in which the so-called European semester is applied. Through the Annual Growth Survey and specific recommendations, the EC will help member states to better plan their fiscal and economic policies and to identify the most urgent reforms. And ultimately, the structural reforms are those that can ensure higher competitiveness of the Community, economic growth and prosperity of all European citizens.

As of 1 April 2012, the European Citizens' Initiative, introduced by the Lisbon Treaty, becomes efficient. For the first time, the citizens will have a real opportunity to influence the activity of European institutions and to initiate legislative amendments at EU level. Citizens will have a direct access to transnational democracy and would be "involved in formulating the common European agenda."

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