24.01.2012

The final version of the International Agreement on an Enhanced Economic Union will be approved at the special EU Council to be held in Brussels on 30 January, said Deputy Prime Minister and Minister of Finance Simeon Djankov after the meeting of the EU Economic and Financial Affairs Council. The document needs to be ratified in part or in whole by national parliaments. Negotiations of the future European fiscal pact are almost finalized and the final draft is to be presented to the National Assembly on Thursday, added Minister Djankov.

The need for a balance between the sanctions envisaged thus far for the states passing the three per cent budget deficit and the sanctions for excessive deficit was discussed at the ECOFIN meeting. "Two thirds of EU Member States are of the opinion that debt should also be included in the Agreement but the issue remained open for discussion by the heads of state or government", the Deputy Prime Minister further explained. The requirement for states which have not ratified the Agreement by a certain date not to have access to the future European Stability Fund remains in the draft fiscal pact for the time being.

The model according to which the states outside the euro area and the President of the European Parliament will take part in the meetings of the 17 euro area members remains vague, while they are expected to receive a status of active observers.