Commission takes steps under the Excessive Deficit Procedure
On 29 May, the Commission made public several recommendations under the Excessive Deficit Procedure (EDP). The Commission recommended that the Council abrogate the EDP for five countries: Italy, Latvia, Hungary, Lithuania and Romania and open an EDP for Malta. Moreover, the Commission recommended that the Council extend the deadlines for correcting excessive deficits in six countries: Spain, France, the Netherlands, Poland, Portugal and Slovenia. The Commission also advised the Council to decide that no effective action has been taken by Belgium to put an end to its excessive deficit and recommended that the Council therefore give notice to Belgium to take measures to correct the deficit by 2013. At the moment there is an EDP ongoing for 20 EU Member States. This means all EU Member States except Bulgaria, Germany, Estonia, Luxembourg, Malta, Finland and Sweden are subject to an EDP. If the Council follows the Commission’s most recent recommendations, the overall number of countries in EDP, then including Malta, will drop to 16.
Please find more information at: http://ec.europa.eu/economy_finance/economic_governance/sgp/corrective_arm/index_en.htm