site.btaDeputy PM Vassilev Urges EU to Take Real Actions against Inflation

Bulgarian Deputy Prime Minister and Finance Minister Assen Vassilev urged the EU finance ministers to take real EU-level actions against rising inflation in the wake of the war in Ukraine, with a focus on energy sources and food, and called for a proactive approach by the European Central Bank, the Finance Ministry said on Tuesday. He took part in the regular meeting of the ECOFIN Council in Brussels.

Vassilev also backed the European Commission's proposal for an extension of the general escape clause of the Stability and Growth Pact through 2023.

The finance ministers discussed the current economic situation in the EU, and the economic and financial aspects of Russia's military aggression against Ukraine and the sanctions imposed on Moscow.

All EU Member States agreed that the sanctions must be applied equally. Vassilev asked the European Commission to explain if payments for gas deliveries were accepted because Russia's Gazprom offered different conditions to different countries or because companies in some of the Member States violated the sanctions.

The Commission presented its RePowerEU plan in response to the energy market problems caused by Russia's invasion of Ukraine. Vassilev expressed reservations about the proposed distribution of financing among the Member States, saying that it should be based on each country's dependence on Russian energy supplies and not on the impact of COVID-19.

Vassilev held bilateral meetings with his counterparts from Poland and Luxembourg.