At the end of the day, more important than the label we put on the economy of the country whether it is or not a functioning market economy is the reality. So this issue should not be a topic for polemic but rather subject to a serious and professional analysis. To summarize our assessment, I would say that Bulgaria is establishing a satisfactory track record of macroeconomic stabilisation and performance. Good progress has been made in privatisation, especially as regards banks, and a major reform of health and pension systems has begun. However, structural reforms still need to be taken further and enterprise restructuring needs to be advanced.
Financial intermediation continues to be weak.
And much remains to be done in areas such as the functioning of the land market, or the enforcement of bankruptcy cases. There is a need to address the weaknesses in the implementation and enforcement of the legal and regulatory framework. The business climate must be improved and bureaucratic barriers to enterprise creation should be banned. The implementation of the existing reform programme should be sustained and higher levels of investment should be reached. Regarding the third Copenhagen criterion, which is the ability to assume the obligations of membership, I will not enter a detailed review of each chapter of the Acquis communautaire.