Finance Minister Galab Donev participated in the meetings of the Eurogroup and the EU Economic and Financial Affairs Council (ECOFIN) on October 8 and 9 in Luxembourg, the Finance Ministry said on Friday. The Council reached an agreement on the market integration and supervision package, which is part of the establishment of the EU’s Savings and Investment Union.
Donev thanked the Irish EU Council Presidency for its efforts to reach a compromise that also takes Bulgaria’s concerns into account. According to the Ministry, Bulgaria’s active participation contributed to an agreement on the methodology for allocating contributions to fund the European Securities and Markets Authority (ESMA), significantly reducing the financial burden on national authorities.
The agreed framework for ESMA’s governance strikes a balance between the powers of the Board of Supervisors and the new Management Board, the Finance Ministry notes.
The Savings and Investments Union is a European Commission initiative presented last year that aims to channel more household savings toward financing the real economy through capital markets.
The EU finance ministers also exchanged views on the Commission’s report on the competitiveness of the banking sector. Donev underscored that improving it requires a comprehensive approach that, in addition to harmonizing supervisory rules and sound risk management, takes into account regulatory, technological, economic, and market factors.
According to Bulgaria’s position, the European framework for bank resolution should encourage credit institutions to build capacity and readiness to implement crisis management measures. It is essential that the tools for resolving banking groups function effectively with respect to their subsidiaries in host countries.
Bulgaria also noted the importance of liquidity in restructuring. Proposals to improve it must preserve market confidence and contribute to fiscal neutrality, the press release reads.
Finance Minister Donev Participates in Eurogroup, ECOFIN Meetings in Luxembourg THE NEWS FROM BULGARIA – NEWS AGENCY 2009-2025 2026-10-09 15:26:05
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