Ruling parties in Bulgaria have to finally cope with corruption, as the time set by the EU to deal with the problem is reaching its end.

Observers predicted political instability after Bulgaria’s first members of European Parliament (MEP) elections. The instability finally caused the resignations of Economy Minister Roumen Ovcharov and Justice Minister Georgi Petkanov, German newspaper Die Tageszeitung said.

Bulgarian Socialist Party (BSP) ranked second in the elections, followed by Movement for Rights and Freedoms, also member of the ruling coalition.

The whole executive council of Bulgarian Socialist Party (BSP) apart fromPrime Minister and party leader Sergei Stanishev resigned during the national party congress on June 3 2007.

Stanishev suggested the establishment of national agency for security. The agency would include representatives from the Interior Ministry, Defence Ministry and Finance Ministry, Die Tageszeitung said.

According to the newspaper, BSP wanted to demonstrate Bulgaria’s readiness to fight against corruption and organised crime.

EU made it clear that it would not hesitate to sanction Bulgaria, if reform progress remains slow.