The EU has a fully operational framework for such scenarios ever since the eurozone crisis (Reg 472/2013 + ESM), making sure that - like a good Lannister - Member States always pay their debts.
The EU has a fully operational framework for such scenarios ever since the eurozone crisis (Reg 472/2013 + ESM), making sure that - like a good Lannister - Member States always pay their debts.
After years of deliberately ignoring (or opposing) that possibility, the BNB is now the guardian of prudent EU economic & monetary governance in a country facing an 8th round of Parliamentary elections in a little over 4 years.
After years of deliberately ignoring (or opposing) that possibility, the BNB is now the guardian of prudent EU economic & monetary governance in a country facing an 8th round of Parliamentary elections in a little over 4 years.
www.bnb.bg/bnbweb/group...
www.bnb.bg/bnbweb/group...
2️⃣ With a slight whiff of the Trichet-Draghi letter c.2011, BNB tears into the draft budget, sort of taking over the job of the BG Fiscal Council (who are, admittedly, not the most active bunch).
www.fiscal-council.bg/bg
2️⃣ With a slight whiff of the Trichet-Draghi letter c.2011, BNB tears into the draft budget, sort of taking over the job of the BG Fiscal Council (who are, admittedly, not the most active bunch).
www.fiscal-council.bg/bg
1️⃣ the Bank embraces its newfound independence and complains abt draft budget Art 108 (MinFin tinkering with central bank profits/reserves) being in conflict with Arts 123 & 130 TFEU
- The ECB should have been consulted (Art 127(4) TFEU) ➕ I'll add: Art 263 TFEU ramifications.
1️⃣ the Bank embraces its newfound independence and complains abt draft budget Art 108 (MinFin tinkering with central bank profits/reserves) being in conflict with Arts 123 & 130 TFEU
- The ECB should have been consulted (Art 127(4) TFEU) ➕ I'll add: Art 263 TFEU ramifications.
Debt sustainability calculus remains entirely in the discretion of ECB. Pray ESM and EU_Commission don't issue conflicting DSAs.
Debt sustainability calculus remains entirely in the discretion of ECB. Pray ESM and EU_Commission don't issue conflicting DSAs.