Press Release: Commission assesses Stability and Convergence Programmes of Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Hungary, the Netherlands, Poland, Sweden, Finland and the United Kingdom

The European Commission examined the updated Stability and Convergence Programmes of 17 EU countries including Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Hungary, the Netherlands, Poland, Sweden, Finland and the United Kingdom. These assessments were seen against the background of a sharp economic slowdown. A majority of the countries concerned (the Czech Republic, Denmark, Germany, the Netherlands, Poland, Sweden, Finland and the United Kingdom) have adopted fiscal stimulus measures in 2009 to cope with the economic crisis, in line with the Economic Recovery Plan proposed by the Commission and endorsed by EU leaders. In the UK, the expansionary measures coupled with the adverse impact of the downturn have significantly weakened the country's budgetary position. Hungary has made considerable progress to put its public finances on a sounder footing and needs to sustain this effort to secure investor confidence. Similarly, in Bulgaria and Estonia, the fiscal policy stance is appropriately geared towards diminishing macro-economic imbalances.