21.09.2010 - The European Commission today assessed the action taken by Lithuania and Romania in response to the Council Recommendations of 16 February 2010 relating to the correction of their respective excessive government deficits.
The EU budgetary surveillance framework implies, inter alia, that excessive deficits should be avoided. The excessive deficit procedure (EDP), as the "corrective arm" of the Pact, is regulated by Article 126 of the Treaty and further specified in Council Regulation 1467/97.
The Commission concluded that effective action in compliance with the Council recommendations of 16 February 2010 under Article 126(7) was taken by Lithuania and Romania. The Commission concluded that at this juncture no further steps under the excessive deficit procedure are necessary for these countries.
>> Press release IP/10/1146 - Commission concludes effective action was taken by Lithuania and Romania in excessive deficit procedure