| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2012) 676 final (14.11.12) |
| Publication Date | 14/11/2012 |
| Content Type | Policy-making |
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By Council Decision 2009/587/EC of 7 July 2009, following a recommendation from the Commission, it was decided that an excessive deficit existed in Malta. The Council noted that the general government deficit in Malta had reached 4.7% of GDP in 2008, thus largely exceeding the 3% of GDP reference value, while general government gross debt had been above the 60% of GDP reference value since 2003 and stood at 64.1% of GDP in 2008. Also on 7 July 2009, on the basis of a recommendation by the Commission, the Council addressed a recommendation to Malta on speeding up and clarifying the implementation of the excessive deficit procedure, with a view to bringing an end to this situation by 2010 at the latest. On 16 February 2010, on the basis of a Commission recommendation, the Council concluded that effective action had been taken in compliance with its recommendation but that unexpected adverse economic events with major unfavourable consequences for government finances had occurred in Malta after the adoption of its recommendation. The Council therefore adopted a revised recommendation to Malta, extending the deadline for the correction of the excessive deficit by one year, i.e. to 2011. In the view of the Council, the excessive deficit in Malta has been corrected by the 2011 deadline and Decision 2009/587/EC should therefore be abrogated. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=COM:2012:0676:FIN:EN:PDF |
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| Countries / Regions | Malta |
