On Friday, the European Commission formally closed the Cooperation and Verification Mechanism, or CVM, for Bulgaria and Romania.
The Cooperation and Verification Mechanism had been introduced at the accession of Bulgaria and Romania to the European Union in 2007 as a transitional measure to facilitate progress in the fields of judicial reform and anti-corruption, as well as on organised crime for Bulgaria.
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Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.