Former Finance Minister and current leader of "We Continue the Change", Asen Vassilev, has argued that Bulgaria’s excessive deficit procedure was imposed prematurely and in contradiction with European rules, claiming that the country was placed under scrutiny based on projections for 2026 rather than its actual fiscal position.
Speaking on Bulgarian National Television’s morning program, the MP from PP and Deputy Chair of Parliament’s Budget and Finance Committee said the official data does not justify the measure. “The excessive deficit procedure itself states that there are no grounds for Bulgaria to be under such a procedure in 2025. It was imposed preventively for 2026, which is a violation of the regulation,” Vassilev said. He noted that the threshold for triggering the procedure is a deficit above 3% of GDP, while Bulgaria’s officially reported figure stands at 2.9%.
Commenting on criticism directed at previous governments, Vassilev said he left the Finance Ministry in April 2024 and questioned how long subsequent administrations would continue blaming earlier cabinets for current problems. He pointed out that the last budget prepared by his team ended with a deficit of 3%.
The former finance minister also placed Bulgaria’s fiscal record in a broader context, noting that between 2009 and 2021 the country recorded only two years without a budget deficit. In his view, the key issue is not whether a deficit exists, but how public funds are spent. “The question is whether the deficit is planned and managed responsibly, or whether money is distributed at the end of the year to companies close to those in power,” he said.
