Deficits
16th November 2009As part of its budgetary monitoring competence the European Commission suggested on 11th November that the Council establish 2013 as the deadline for the rectification of excessive budgetary deficits for Germany, Austria, the Netherlands, Portugal, the Czech Republic, Slovakia and Slovenia; 2012 for Belgium and Italy. In addition to this the Commission tried to establish whether "action followed by results" had been launched in Greece, Spain, France, Ireland and the UK in response to the Council's recommendations of April last. The worsening of the economic situation justifies a review of the existing recommendations and the extension of the previously established deadlines by one year as planned in the Stability and Growth Pact ie 2013 for France and Spain, 2014 for Ireland and 2014-2015 for the UK. The Stability and Growth Pact is still the stable point of all budgetary consolidation strategies.
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