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: EU Sets Deadline For Reducing Budget Deficits
11/11/09 09:27 am (EST)

(RTTNews) - Wednesday, the European Commission set deadlines for some of its member countries to bring down budget deficit below the 3% ceiling.

Austria, the Czech Republic, Germany, Slovakia, Slovenia, the Netherlands and Portugal are asked to reduce budget deficit by 2013. The deadline for Belgium and Italy, which are likely to have a deficit above 3% in 2009, is 2012. The Commission gave time till 2013 to France, 2014 for Ireland and financial year 2014/15 for the UK.

The Commission also examined the action taken by five countries - France, Greece, Ireland, Spain and the UK. It concluded that these countries except Greece have taken effective action to reduce their budget deficits.

Economic and Monetary Affairs Commissioner Joaquín Almunia said cutting the deficits, widened during the economic crisis, is necessary to prevent a rise in long-term interest rates that would raise the debt servicing costs.

The Commission assessed that Austria, Germany and the Netherlands have scope to continue with stimulus measures in 2010, thanks to relatively good starting public finance position. In the case of the Czech Republic, Slovakia and Slovenia , the Commission said authorities should implement the deficit reducing measures in 2010 as planned in the draft budget laws. It urged the Italian government to implement the budgetary measures in 2010 as planned in the three-year fiscal package.

The Commission's autumn economic forecasts show that the average budgetary position in the EU has gone from negative 0.8% of GDP in 2007, the best position in 30 years, to negative 2.3% in 2008, the year when the financial crisis turned into a full-blown economic crisis. That figure is expected to treble to negative 6.9% this year and to increase further to negative 7.5% in 2010, which will remain largely a stimulus year on account of the recovery being fragile. "Public debt is set to increase by more than 20 percentage points of GDP in the same period, and to continue rising even after the deficits start coming down," the Commission said in a statement.