Ecofin: No Further Steps Needed in Excessive Budget Deficit Procedure against Bulgaria

Ecofin: No Further Steps Needed in Excessive Budget Deficit Procedure against Bulgaria

The EU Economic and Financial Affairs Council (Ecofin) Tuesday discussed and confirmed the findings contained in a Communication of the European Commission (EC) of January 27 which suggested termination of the excessive budget deficit procedure against Bulgaria, as well as Denmark, Cyprus and Finland, the Bulgarian Finance Ministry said in a press release.

The Council agreed with EC's conclusion that on the basis of current information, all four countries have taken action representing adequate progress towards correcting their deficits within the time limits set by the Council, and that no further steps under the EU's excessive deficit procedure are required at present.

Bulgaria, Denmark, Cyprus and Finland have been subject to excessive deficit procedures since July 2010, when the Council issued recommendations on corrective action to be taken to bring their government deficits back below the reference value of 3 per cent of GDP set by the EU Treaty. It called on Bulgaria and Finland to reduce their deficits below the threshold of 3 per cent of GDP by 2011, Cyprus by 2012 and Denmark by 2013.

Bulgaria's general government deficit reached 3.9 per cent of GDP in 2009, according to data notified by the Bulgarian authorities in April 2010. In its July 2010 recommendation the Council called on Bulgaria to take the necessary measures to avoid its 2010 deficit exceeding 3.8 per cent of its GDP, and to make a budgetary effort of at least 3/4 per cent of GDP in 2011 so as to bring the deficit below 3 per cent of GDP in 2011 at the latest. sourse BTA

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