Press Release: Commission adopts reports under excessive deficit procedure for Austria, Belgium, the Czech Republic, Germany, Italy, the Netherlands, Portugal, Slovakia and Slovenia

In view of planned budget deficits of more than 3% in 2009, on 7 October 2009 the European Commission adopted reports under the corrective arm of the Stability and Growth Pact for Austria, Belgium, the Czech Republic, Germany, Italy, Slovakia, Slovenia, the Netherlands and Portugal. Taking due account of the economic background and all other relevant factors, the reports examined whether the deficits planned for 2009 remain close to the reference value and whether the excess is exceptional and temporary. The Commission concluded that this is not the case for any of the nine countries. Earlier this year, the Commission had already initiated excessive deficit procedures for another nine EU countries.

EurActiv, 8.10.09: Germany, Italy and others warned on budget discipline http://www.euractiv.com/euro-finance/germany-italy-warned-budget-disc-news-222680

ESO: Background information: European Commission: DG Economic and Financial Affairs: Stability and Growth Pact http://www.europeansources.info/record/stability-and-growth-pact/

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