Independent Banking Sector, Bulgaria

That the Parliament notes the continuing efforts of the UK's partners in the eurozone to create stability around the euro; hopes that, in order to help develop economic trading partners for Scotland, these efforts are successful; notes from a letter to the Financial Times on 23 December 2011 from the governor of the Bulgarian national bank, Ivan Iskrov, that Bulgaria is one of the EU countries that is not receiving support from the International Monetary Fund (IMF) nor does it have any commitments to the IMF that are unfulfilled; considers that members might find quite interesting and revealing learning about how an EU-member state with a small open economy that operates a euro-based currency board has weathered the crisis so well while, at the same time, remaining fiscally disciplined with a well-capitalised and liquid banking sector that has not needed any state bail-out or support and that has rising exports as a result of competitive gains following successful internal adjustments and restructuring of its economy, and hopes that, in this particular regard, the Scottish Government will take an interest in Bulgaria and any other EU state that has a record worth examining.