Croatia is experiencing excessive imbalances.Vulnerabilities are linked to high levels of public, private and external debt, both largely denominated in foreign currency, in a context of low potential growth.The current account surpluses have begun to translate into a decrease of the gross external debt, which nevertheless remains elevated.

2. Underlines the fact that the level of public and external debt in the EU peripheral countries is among the biggest in the world – a consequence of the asymmetric nature of the integration process; recalls that this debt has been the pretext for the imposition of austerity measures, whose real consequences are increased poverty and debt; considers it imperative to face the burden of debt, renegotiating (restructuring and substantially reducing) it and bringing it to sustainable levels, as a matter of urgency and of elementary justice;

1. Urges the Commission to present a Work Programme that addresses the major challenges the EU is faced with today, such as stagnating economies, the threat of deflation, high unemployment, declining social and labour rights, rising socio-economic inequalities and social exclusion, high public and external debt, as well as the climate crisis; is deeply concerned that the Commission will continue the policies of fiscal consolidation, structural reform and deregulation; asserts that the economic, social, climate and political crisis can only be overcome by a radical new policy that puts people an ...[+++]d the environment, including animal welfare, at the centre of all policies, instead of the interests of the financial markets;

8. Underlines the fact that the level of public and external debt in the EU peripheral countries is among the highest in the world, which is proof of the asymmetric nature of the integration process; recalls that this debt originated in large measure in the bailouts of financial institutions that had previously engaged in abusive and speculative practices, thanks to the lack of appropriate regulation and democratic control of the economy; denounces the fact that public debt has been the pretext for the imposition of austerity measures, the consequences of which are increased poverty, the violat ...[+++]ion of fundamental social and human rights, and more debt; considers it imperative to face the burden of debt, renegotiating (restructuring and substantially reducing) it, bringing it to sustainable levels, as a matter of urgency and of elementary justice; calls on the Commission to come forward with a legislative proposal that bans property confiscations by banks that are directed at ordinary citizens who have been negatively affected by the crisis;

I. noting the absurd nature of the position of many industrialised countries, which publicly announce their decisions to grant financial aid while refusing, within the Paris Club, G8 and FMI, to write off the external debt of developing countries at a time when 80% of Iraq's public debt has been cancelled by the Paris Club,

133. Welcomes the Commission's positive assessment of Bulgaria's economic progress, in particular the fact that Bulgaria now has a functioning market economy; commends Bulgaria for having maintained macro-economic stability, contained inflation, decreased government debt, sustained a growth rate of 4% p.a. despite a difficult external economic climate, and for having made progress with structural reforms and privatisation over the past year; stresses that greater progress must be made on issues such as market flexibility, and deficiencies in the land market and administrative procedures, and reduction of the high external debt and the ...[+++]worsening trade deficit, as well as continuing high budget discipline, financial management and administrative transparency; reiterates, furthermore, the urgent need for Bulgaria's macro-economic progress to be translated into tangible economic benefits for all, with concrete actions taken to tackle the statistically high levels of unemployment and poverty and to improve the efficiency of health care and education; is disturbed to learn that the official estimate of the 'grey' economy comprises some 25% of the labour market, thus affecting tax revenues;