Croatia and Portugal: Deficits below 3% of GDP, procedures closed

On 16 June 2017, the Council closed excessive deficit procedures for Croatia and Portugal, confirming their deficits have dropped below the EU's 3% of GDP reference value. Member states are required by article 126 of the Treaty on the Functioning of the European Union to avoid excessive government deficits. As of now, only four of the EU's 28 member states remain subject to excessive deficit procedures, continuing the positive trend since 2011.

European Commission: DG Economic and Financial Affairs: EU economic governance: Stability and Growth Pact: Draft budgetary plans of euro area Member States http://ec.europa.eu/economy_finance/economic_governance/sgp/budgetary_plans/index_en.htm

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