Economic growth cannot be bought with debt, but must be developed, President Rosen Plevneliev said today in a speech to students at Sofia University. Together with the European Commissioner for International Co-operation, Humanitarian Assistance and Disaster Response Kristalina Georgieva, the President opened a public discussion on “Has the European project drained away?”, held on the occasion of May 9, Europe Day.

President Plevneliev said that limiting government spending must be accompanied by measures to grow the economy and reduce unemployment, increase labour productivity and competitiveness. He said that there are no easy solutions to the crisis, but each reform that improves the business environment, to support small and medium business and any action to reduce youth unemployment, will surely lead to success. “The solution is not a Europe of two or three speeds, but a Europe of solidarity and responsibility,” he said.

The crisis can be overcome only with determination and courage, the President said. The question is how to turn Europe into a leading political, economic, scientific and technological global power. Only united in its diversity can the EU be a global actor, along with major global players, the President emphasised to the students.

“Europe without borders is the heart of the European idea and I am convinced that Bulgaria, that our country, is able to protect the outer border of the European Union in accordance with European standards,” President Plevneliev said. Speaking to journalists, he said that Bulgaria needs to implement many reforms as a responsible member of the European Union. “We have to reach the point that citizens and Bulgarian society feel that fairness and the justice system are working,” the President said. Bulgaria should improve the environment for doing business and increase investment in innovation and knowledge, but could give a lesson to other countries in the EU about financial stability and low debt, President Plevneliev told journalists.