Bulgaria’s finance minister Plamen Oresharski took part yesterday in the eighth economic forum in Brussels, which this year was dedicated to “Global adjustment and EMU in Europe”. Minister Oresharski was invited to the event by the European commissioner of economic and monetary affairs Joaquin Almunia.

The stability of the existing macroeconomic balances globally, as well as the macroeconomic strategies of the main players in the world economy were discussed at the forum. Participants in the event also discussed the possible ways of helping ensure more efficient functioning of the euro zone in the future.

Minister of finance Plamen Oresharski introduced Bulgaria’s economy in the past couple of years, its development perspectives and noted that the year 2007 is a landmark year for Bulgaria because its EU accession proved its successful economic development and reforms. Oresharski said that more than 75% of Bulgaria’s economy was concentrated in the private sector, while practically 100% of the financial sector was in private hands.

The real economic growth of Bulgaria in the past couple of years was about 6%. For comparison in 1996 it was negative -9.4%, Oresharski pointed out. The public debt is stably decreasing and from more than 120% in the mid-90s it is currently down to about 20%. Plamen Oresharski added that for the third year in a row the state budget is ending the year with a surplus, which last year exceeded 3.3%, and foreign investments last year exceeded 15% of GDP.

Oreshareski assured that Bulgaria would continue its strict fiscal policy and would make efforts to quickly adapt to EU standards and practices.