Press Release: Council closes excessive deficit procedures for Italy, Latvia, Lithuania, Hungary and Romania

The Council on 21 June 2013 closed excessive deficit procedures for Italy, Latvia, Lithuania, Hungary and Romania, confirming that they have reduced their deficits below 3% of GDP, the EU's reference value for government deficits.

It adopted decisions abrogating previous Council decisions on the existence of excessive deficits in these five countries.

As a consequence, 16 of the EU's 27 member states remain subject to the excessive deficit procedure, down from 24 during a 12 month period in 2010-11. Many procedures were opened subsequent to the global financial crisis and recession of 2008 and 2009, and the EU's stability and growth pact is being used to support a return to sound fiscal positions.