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In an unprecedented rxn to the sitting 🦆 caretaker govmt's attempt at a 2025 budget, the Bulgarian Central Bank decided to publicly shame the 🇧🇬Ministry of Finance w/ a grand 9 page opinion, banksplaining EU law - both monetary & econ governance.
https://www.capital.bg/politika_i_ikonomika/ikonomika/2024/12/11/4716756_bnb_se_obiavi_kategorichno_protiv_priemaneto_na/?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1733976509
In an unprecedented rxn to the sitting 🦆 caretaker govmt's attempt at a 2025 budget, the Bulgarian Central Bank decided to publicly shame the 🇧🇬Ministry of Finance w/ a grand 9 page opinion, banksplaining EU law - both monetary & econ governance.
https://www.capital.bg/politika_i_ikonomika/ikonomika/2024/12/11/4716756_bnb_se_obiavi_kategorichno_protiv_priemaneto_na/?utm_term=Autofeed&utm_medium=Social&utm_source=Twitter#Echobox=1733976509
Comments
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.
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).
https://www.fiscal-council.bg/bg