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Extracts of the Press conference by Joaquín Almunia, on the convergence programmes of Romania and Slovakia, and the stability programmes of France and Italy

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During a press conference, Joaquín Almunia, Member of the EC in charge of Economic and Monetary Affairs, presented the European Commission's annual assessment of the stability programmes for Italy and France and of the convergence programmes for Romania and Slovakia. The examination of the updated stability programmes of France and Italy shows that progress towards their medium-term objective (MTO) of a balanced budget needs to be more ambitious. Having examined the updated convergence programme of Slovakia, the European Commission finds that its planned budgetary consolidation is consistent with a correction of the excessive deficit in 2007. But it should speed up consolidation thereafter so as to create a safe budgetary margin more quickly and to counter any possible inflationary pressures. Romania's convergence programme projects a continuation of high deficits despite strong growth. This creates the risk of an excessive deficit and is not in line with prudent fiscal policy.
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Type: EbS   Reference: 55671   Date: 30/01/2008   Duration: 00:04:18
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