Press Release: Cyprus, Ireland and Slovenia: Deficits below 3% of GDP, Council closes procedures

On 17 June 2016, the Council of the European Union closed excessive deficit procedures for Cyprus, Ireland and Slovenia, confirming that they had reduced their deficits below the EU's 3% of GDP reference value.

It abrogated its previous decisions on the existence of excessive deficits in the three countries.

As a consequence, only 6 of the EU's 28 member states remained subject to the excessive deficit procedure, continuing an improvement observed since 2011. A peak was reached during a 12-month period in 2010 and 2011 when procedures were open for 24 countries.

ESO: Background information: Economic and Financial Affairs Council, 17 June 2016 http://www.europeansources.info/record/economic-and-financial-affairs-council-17-june-2016/

---