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The Information System of Schengen, known as SIS is a special database that is used by the countries in Europe, in order to distribute collected information on individuals. The system is used for the purposes of the border control and national security, as well as enforcement of law. In April was issued the second version of the system, which is set under the regulations of the European Commission. The data collected by the system is being shared among the countries that take part in the Schengen Agreement. Besides the five original countries including Germany and France, Belgium and the Netherlands, as well as Luxembourg, later the Schengen Agreement was joined by twenty countries more.

Currently, the Schengen Information System is used also by Norway and Iceland, as well as by Switzerland, which are not members of the European Union. Hopefully, Bulgaria will join the Schengen zone in the spring of next year and will be able to share the information as well. At the same time, the United Kingdom and Ireland also take part in the Schengen Agreement under the Amsterdam Treaty regulations, which allows them to take part in the convention arrangements of Schengen. At this point the two countries can use the information to enforce law, but still it has border controls with the European countries.

Bulgaria has fully complied with all the requirements and criteria for being accepted in the Schengen area. This was admitted in the latest report of the European Commission that was focused on the area that requires no passports and visas. According to the report, the Commission will keep on supporting the efforts of Bulgaria and its neighboring country Romania to enter in the Schengen area, even if the member states have no one opinion about that entry. Unfortunately, Bulgaria and Romania do not have a deadline for their entry into Schengen zone, after being postponed for several times.

The two countries have been criticized because of the lack of progress in their fight against the organized crime and corruption and the insufficient results in the judiciary sphere. Bulgaria, as well as Romania, have to make efforts into improving their justice system. Once this is a fact, the two countries will be able to join the travel area of Schengen that comes with no borders. Currently, the people who live in and use the Schengen zone are around 400 million in number, according to the European Commission. By joining that passport free area, Bulgarian people will get many benefits – both from a political and from an economical point of view.

Earlier this month, the state of Andorra announced that it will introduce an income tax for the first time in its history. The small country, situated between Spain and France was made to do so under the pressure from its European neighbors that are struggling with tax evasion and avoidance to pay taxes, as BBC reported. The Prime Minister of Andorra Anthony Marty confirmed that the new law will come into force before the end of June. Until now, the legal and the physical persons in Andorra were not obliged to pay a tax on their income. With the new law that will be accepted, the state will comply with the international tax standards in Europe.

Andorra is a parliamentary principality state, but is represented by two heads of state – the President of the French Republic and the Bishop of Seo de Urhel from Spain. The state has a government since 1986 and is not a member of the European Union, but still uses the euro as its national currency and maintains special, tax-free economic relations with the Union. During their last meeting, the EU finance ministers agreed to start negotiations with Andorra, Switzerland, Liechtenstein, Monaco and San Marino for the exchange of banking information, which is now considered a secret and could not be revealed. The European Commission aims to achieve exchange data policy on bank account holders throughout the European Union in order to prevent tax evasion.

Bulgaria will be supported by the European Commission in the country’s desire to enter the Schengen zone, which allows for passport-free trips. Bulgarian accession in the Schengen area was approved in the third biannual report on the Schengen zone functioning and the free movement for the period November 2012 – April 2013, which was issued by the European Commission. The full support from the European Commission is something that the country and its people need. Bulgaria, along with Romania, was blocked from entering into Schengen by the Council of Foreign Ministers, although in June 2011 the same council announced that the two countries are ready to join.

The possible access of Bulgaria into the Schengen zone will be very positive for the business, as it will lead to easier and more trips. At the same time, the local tour agencies will be able to organize more combined holidays. By becoming a member of the Schengen agreement, Bulgaria will develop into a transit country with two main directions – from Turkey and Greece towards the countries in Western Europe and from the countries in Western Europe to the resorts in Turkey, Greece and hopefully Bulgaria. Moreover, Bulgarian entry into Schengen will allow for the development of the general economic collaboration in the area, unification of the requirements and standards applied, integration of the value added tax and more freedom for positioning the business centers.

During the important summits of the European Union, the leading politicians of Bulgaria use every opportunity they are given to speak up. Even so, however they are not taking part in the process of making the decisions, especially since the economic crises have started. That is why the representatives of Bulgaria in all European Union summits must spend a lot of time trying to negotiate the issues that are important for the country like the Schengen membership. There is yet another important aspect that should not be neglected and this is the experience of the people who present the country when the acceptance in the Schengen zone is concerned. All people from the Bulgarian team, on all levels should be good diplomats.

Of course this is valid for other issues that concern the country, including the finance and the development funds that Bulgaria gets as a member of the European Union. Bulgarian diplomats and politicians should not feel as uneven or even second-hand citizens and should take part in all discussions that concern the European Union and the Schengen entry. Once they make good impression, most probably these politicians will finally be heard and this will be good for Bulgaria.

The biggest bank of Cyprus, Bank of Cyprus, is still in danger and it might require additional recapitalization according to Panicos Demetriades, the governor of the Central Bank. The amount that will be needed to secure the core tier 1 ratio of 9% will be made on the grounds of a value assessment and is expected to be ready in the end of June. Cyprus received ten billion euro after it signed a deal with the International Monetary Fund and Eurogroup, promising to restructure its banking system. The bailout was provided after many of the depositors have contributed have 37.5% of their EUR 100 000 deposits in order to save the bank at the end of April.

As the governor of the Central Bank said, the restrictions on bank transactions should be lift carefully to void triggering outflows of disruptive capital and certain liquidity problems. The European Central Bank, the European Commission and the International Monetary Fund have estimated an almost 9 % contraction of the Cypriot economy for 2013. According to Demetriades, the risks in front of the banking sector are high, but he added that when the banking system stabilizes, the economic activity will recover.