Press Release: Commission reaffirms 2008 deadline for correction of excessive budget deficit in the Czech Republic

The European Commission has proposed to European Union finance ministers (ECOFIN) to recommend to the Czech Republic to correct its excessive deficit by 2008, a target well within reach given the strong economic growth enjoyed by the country. The Czech Republic recorded a deficit of 2.9% in 2006, but the budgetary situation worsened again this year putting at clear risk the objective of bringing the deficit below 3% in 2008, as recommended by the ECOFIN in 2004. The finance ministers are expected to consider this draft recommendation at their October 2007 meeting.