Press Release: Commission assesses the updated Stability Programme of Austria

The European Commission adopted on 26.4.00 a Recommendation to the Council of Ministers on the updated Stability Programme of Austria (2000-2003). The general government deficit ratio is projected to decline from 2.0% of GDP in 1999 to 1.3% of GDP in 2003. During the same period, the debt ratio is expected to fall to 61.2% of GDP. The Commission concludes that the medium-term budgetary targets in the updated programme lacks ambition as the minimum budgetary position consistent with the Stability and Growth Pact requirements is only met in 2003. A faster decline in the deficit ratio would be necessary to attain the required safety margin for the government balance, as recommended in the Council Opinion on the original programme. On the basis of the Commission's Recommendation, the Council is expected to adopt a formal Opinion on the updated Austrian programme on 8 May 2000.