Extracts from the press conference by Joaquín Almunia on stability and convergence programmes
Joaquin Almunia, Member of the EC in charge of Economic and Monetary Affairs, presented the updated Stability and Convergence Programmes of 17 EU countries including Bulgaria, the Czech Republic, Denmark, Germany, Estonia, Hungary, the Netherlands, Poland, Sweden, Finland and the United Kingdom.
A majority of the countries concerned (the Czech Republic, Denmark, Germany, the Netherlands, Poland, Sweden, Finland and the United Kingdom) have adopted fiscal stimulus measures in 2009 to cope with the economic crisis, in line with the Economic Recovery Plan proposed by the Commission and endorsed by EU leaders.
The EC also confirmed that it was launching the excessive deficit procedure against France, Greeece, Spain, Ireland, Latvia and Malta because their budget shortfalls were above the EU ceiling of 3 percent of grosss domestic product.
Implementing the Stability and Growth Pact during this time of recession is not at all about sanctions, but under the present circumstances, it is key to preserve the credibility of the Pact and to stick to the principles, the rules and the procedures of the Pact, Joaquin Almunia told journalists. SHOTLISTLINKLINKLINK