The Council closed excessive deficit procedures for Cyprus, Ireland and Slovenia, confirming that they have reduced their deficits below the EU's 3% of GDP reference value.
It abrogated its previous decisions on the existence of excessive deficits in the three countries.
As a consequence, only 6 of the EU's 28 member states will remain subject to the excessive deficit procedure, continuing an improvement observed since 2011. A peak was reached during a 12-month period in 2010 and 2011 when procedures were open for 24 countries.
Member states are required by article 126 of the Treaty on the Functioning of the European Union to avoid excessive government deficits. And the excessive deficit procedure is used to support a return to sound fiscal positions.
Following an exit from the excessive deficit procedure, member states are subject to the preventive arm of the EU's Stability and Growth Pact.
Full press release
© European Council
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article