Balgarianovinite.com Bulgaria’s Deputy Prime Minister and Finance Minister Galab Donev attended a meeting of the EU Economic and Financial Affairs Council (ECOFIN) in Luxembourg on Friday.
During the meeting, the Council discussed the economic and financial impact of Russia’s aggression against Ukraine, Europe’s economic recovery, the 2026 European Semester Spring package, and the implementation of the economic governance framework.
With reference to the European Commission’s report on the launch of an excessive deficit procedure against Bulgaria, Donev briefed the Council on the domestic and external factors affecting the country’s fiscal position. The accumulated imbalances in public finances stem from adverse geopolitical developments, combined with permanent expenditure commitments adopted by several successive parliaments without corresponding revenue-offset measures.
Donev said that restoring the sustainability of public finances is among the government’s top priorities. He noted that active work is underway on preparing the 2026 State Budget Bill, with the goal of securing its adoption by the National Assembly by the end of July. The Council of Ministers is launching a fiscal consolidation process aimed at bringing Bulgaria back into compliance with the reference limits set out in the Stability and Growth Pact and ensuring the long-term sustainability of public finances.
During the legislative discussions, ministers exchanged views on the proposed regulation extending the scope of the carbon border adjustment mechanism. A general approach was reached on the targeted revision of the mechanism, reflecting its important role in preventing carbon leakage and ensuring a level playing field between European and foreign producers.
The Council also discussed the market integration and supervision package, which includes measures aimed at removing barriers and unlocking the full potential of the EU single market for financial services. Donev noted that the cross-border dimension should be a key element in identifying significant entities subject to direct supervision at the EU level. This should focus on companies whose activities, risk profile, and potential impact extend beyond the borders of a single Member State and could affect the functioning of the internal market or financial stability across multiple jurisdictions.
Bulgaria maintains that the future framework for direct supervision by the European Securities and Markets Authority should strike a balance between stronger supervisory convergence at the EU level and the preservation of sector-specific expertise and the role of national competent authorities.
Donev also participated in Thursday’s Eurogroup meetings, held in both regular and inclusive formats.
Also on Thursday, Donev attended the Annual Meeting of the Board of Governors of the European Stability Mechanism in Luxembourg for the first time. Prior to the meeting, he took part in the official ceremony marking Bulgaria’s accession to the Mechanism, the Finance Ministry said. Finance Minister Donev Takes Part in ECOFIN Meeting 2026 THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-06-12 17:17:00 Latest news World news Country news Most important news latest news most important latest of the day Justice Petar Nizamov Feathers Petar Nizamov- Feathers Justice bg iustitia.bg iustitia iusticia usticia investigation Burgas Bulgaria news news of the last hour news of the day news of today Bulgaria news The news from Bulgaria blitz news top news most important most commented latest news Boyko Borisov news weather coronavirus news news weather facebook youtube facebook instagram news today news of the last minutes news today today news news bg news leading news hot news bg news site for news all news news bg news of the last hour latest latest news bg news of today news today news today news of the last hour latest news today news bg news news 24 hours news vesti bg novini news world bird bg bivol bg bivol trud bg novini latest news today novinite bg news hello bulgaria political party coat of arms delyan peevski scandalous Bulgarian National Television Free Europe Television scandal exclusive live tv live right now tv tv online tv program bg live now tv news online tv online live court Burgas court Burgas district court Burgas court Burgas district court Burgas district court Burgas appellate court Burgas prosecutor Burgas prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Burgas district prosecutor’s office Prosecutor General Ivan Geshev Prosecutor Geshev Tsatsarov Ministry of Internal Affairs Burgas ODMR Burgas ODPR Burgas police Burgas district police Burgas prosecutor Tsatsarov SGS cases Varna court chairman of the SGS court decisions on civil cases decisions on cases Plovdiv court decision of the court decisions cases Varna court criminal cases district district court decisions work in the court SGS chairman of the SGS judges Sofia court post judges Plovdiv court Plovdiv judges Plovdiv Supreme Court Inspectorate Supreme Court Supreme Judicial Council lawyer lawyer criminal cases lawyer civil cases lawyer marriage cases lawyer administrative criminal law criminal process civil law civil process administrative law constitutional law