Press Release: Commission adopts reports under excessive deficit procedure for Bulgaria, Cyprus, Denmark, Finland and Luxembourg

The European Commission adopted on 12 May 2010 reports under the corrective arm of the Stability and Growth Pact for Bulgaria, Cyprus, Denmark, Finland and Luxembourg. Taking due account of the most recent economic outlook and all other relevant factors, the reports examine whether the general government deficit remains close to the 3% of GDP reference value and whether the excess is exceptional and temporary. The Commission concludes that only in the case of Luxembourg all these three conditions are fulfilled