Bulgaria's government and ordinary people live according to their means unlike other EU countries who were spending more than what they had available, which led to trouble for them.

The statement was made Saturday by Peter Sanfey, who is a lead economist within the Office of the Chief Economist at the European Bank for Reconstruction and Development (EBRD) in London.

Regarding economic situation in Bulgaria, the expert pointed out the reforms are fundamental, but take time, stressing that quality infrastructure is a must for long-term economic growth, particularly for more open economies as it is the Bulgarian one.

Sanfey recommended to the cabinet to stay on the path of strong fiscal discipline; to remain realistic about possible economic growth in the planning and debating of the budget; to continue with reforms, and to improve the business climate in order to attract more local and foreign investments.

According to the economist, the best solution would be to find a mechanism which will bring an end to the uncertainty shaking the Eurozone and the confidence of investors.