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MNI BRIEF: Limited Leeway For States To Escape EDP-Dombrovskis

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(MNI) Brussels

EC VP says leeway only likely where deficit breech is close to 3% and temporary

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EU countries with a budget deficit above 3% of GDP will have only very limited leeway to escape facing an Excessive Deficit Procedure, EU Commission Executive Vice President Valdis Dombrovskis warned Tuesday, noting that other relevant factors could be taken into account but only where the excess of any deficit is “close to 3% and temporary”.

Reports have suggested that up to 11 countries could have EDPs launched against them when the Commission announces its Spring Package on June 19. (see MNI: EDPs Give EU Early Test Of New Fiscal Rules-Officials)

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EU countries with a budget deficit above 3% of GDP will have only very limited leeway to escape facing an Excessive Deficit Procedure, EU Commission Executive Vice President Valdis Dombrovskis warned Tuesday, noting that other relevant factors could be taken into account but only where the excess of any deficit is “close to 3% and temporary”.

Reports have suggested that up to 11 countries could have EDPs launched against them when the Commission announces its Spring Package on June 19. (see MNI: EDPs Give EU Early Test Of New Fiscal Rules-Officials)

Keep reading...Show less