Bulgaria’s Parliament approved on January 27 2012 a mandate for Bulgaria’s Government in negotiations on a European fiscal pact, setting certain conditions.
 
One of the conditions is that the participation of Bulgaria must not entail financial obligations and an engagement to harmonise tax policy with other EU countries.
 
The decision envisages Bulgaria implementing part of the regulations after ratification by Parliament, but with implementation of the pact as a whole only after Bulgaria joins the euro currency zone.
 
The decision was approved with 129 votes in favour, one against and 48 abstentions.
 
Through participation in the pact, Bulgaria will be part of the introduction of strict fiscal rules for EU member states, the Foreign Ministry in Sofia said in a statement.
 
Along with this, Bulgaria will promote the principles that it maintains, of strict fiscal discipline and macro-financial stability, the statement said.
 
"Bulgaria will be able to pursue an independent fiscal policy if you sign the European fiscal pact," Foreign Minister Nikolai Mladenov told Parliament, emphasising that most of the points on which Bulgaria has insisted are reflected in the draft pact.
 
"As a country that needs to catch up in economic development and growth, it is important for us to join this part of the pact, which obliges the parties to be fiscally disciplined. This is a crucial step to avoiding further obstacles to Bulgaria’s future accession to the euro area," Mladenov told Parliament.