MNI BRIEF: EU FinMins Endorse EDPs On 8 EU States
MNI (LONDON) - EU finance ministers have endorsed the launch of excessive deficit procedures against eight EU countries;Belgium, France, Hungary, Italy, Malta, Poland, Slovakia and Romania.
The decision was in line with the recommendations of the European Commission, which on Friday dropped its earlier call for an EDP to be opened against Austria. Ministers also approved the amended medium-term debt plan recently presented by the new French government of Francois Bayrou. (see MNI BRIEF: Brussels Not Recommending EDP Launch Vs Austria )
Economy Commissioner Valdis Dombrovskis said that the plan had maintained the level of ambition in France's earlier plan, despite the fact that this year's budget deficit is expected to rise to 5.4% from an earlier forecast of 5.0%, although he noted that the plan is less "frontloaded" than its predecessor.