The European Council has formally confirmed the European Commission’s June decision to place Bulgaria under an excessive deficit procedure (EDP). This action stems from concerns regarding Bulgaria’s increasing public spending. The EDP requires Sofia to implement corrective fiscal measures to regain control of its finances. The decision follows an assessment of Bulgaria’s budgetary situation and adherence to EU fiscal rules. Authorities in Bulgaria will now be obligated to present a plan outlining how they intend to reduce the deficit. Failure to comply with the EDP could result in financial penalties and further scrutiny from Brussels. Novinite reported on the confirmation.