| Author (Corporate) | European Commission |
|---|---|
| Series Title | COM |
| Series Details | (2013) 387 final (29.5.13) |
| Publication Date | 29/05/2013 |
| Content Type | Policy-making |
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By Council Decision 2009/588/EC of 7 July 2009, following a recommendation from the Commission, it was decided that an excessive deficit existed in Lithuania. The Council noted that the general government deficit reached 3.2% of GDP in 2008, above the 3% of GDP Treaty reference value and would according to the Commission services’ 2009 spring forecast widen to 5.4% of GDP in 2009 and further to 8% of GDP in 2010. The general government gross debt was 15.6% of GDP in 2008, well below the 60% of GDP Treaty reference value. On 7 July 2009, in accordance with Article 3(4) of Council Regulation (EC) No 1467/97 of 7 July 1997 on speeding up and clarifying the implementation of the excessive deficit procedure, the Council, based on a recommendation from the Commission, addressed a recommendation to Lithuania with a view to bringing the excessive deficit situation to an end by 2011 at the latest. On 9 February 2010 the Council, based on a recommendation from the Commission, acknowledging that the Lithuanian authorities had taken effective action in compliance with the Council Recommendation of 7 July 2009 and that unexpected adverse economic events with major unfavourable consequences for government finances had occurred in Lithuania, addressed a revised recommendation to Lithuania with a view to bringing the excessive deficit situation to an end by 2012 at the latest. In the view of the Council, the excessive deficit in Lithuania has been corrected and Decision 2009/588/EC should therefore be abrogated. |
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| Source Link | Link to Main Source http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2013:387:FIN |
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| Countries / Regions | Lithuania |
