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EU green light for Bulgaria16 October 2006 On September 26 the European Commission gave the green light for Bulgaria, and Balkan neighbour Romania, to join the European Union in 2007. Despite concerns that key targets in areas such as judicial reform, the fight against organised crime and reducing widespread corruption have not been reached, the Commission voted to allow Bulgaria to enter on schedule on January 1. However, Sofia must make regular reports to Brussels, which has the power to cut subsidises if progress is not made in these areas. Investors welcomed the decision, which is hoped will bolster recent economic progress and encourage further increases in property values. In an interview with the Overseas Property Professional Magazine, David Stubbs, an economist at the Royal Institute of Chartered Surveyors, drew parallels with the Eastern European states that joined the EU in 2004, saying that strong house price performance in countries such as Poland was due to economic growth and rising GDP after accession. |
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