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Commission assessments of government finances under excessive deficit procedure

27.01.2011 - Based on the Commission services’ autumn 2010 forecast, the Commission has made an assessment of the current state of the government finances in the Member States that are subject to the excessive deficit procedure.

The Commission concluded that based on currently available information, most of these Member States are on a good path to reduce their deficit in line with the Council’s recommendations, and the additional effort needed for the remainder of the consolidation period appears well in reach. However, the Commission calls on those Member States, where the adjustment effort so far has been below the average annual effort recommended by the Council, to step up their consolidation efforts and, where necessary, underpin their consolidation strategy through the announcement of decisive, concrete and structural measures.

Moreover, following the expiry of the usual 6-month period after the Council’s recommendation, the Commission also made an assessment of the action taken by Cyprus, Finland, Bulgaria and Denmark in response to the Council recommendation of 13 July 2010, with a view to bringing an end to their situation of excessive government deficit. The Commission concluded that, on the basis of currently available information, Cyprus, Finland, Bulgaria and Denmark have taken action representing adequate progress towards the correction of the excessive deficit within the time limits set by the Council. The Commission therefore considers that, for these Member States, no further steps in the excessive deficit procedure are needed at present. The Commission will continue to closely monitor budgetary developments in accordance with the Treaty and the provisions of the Stability and Growth Pact.

 

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