The Commission recommends that the Council abrogates the excessive deficit procedures for Italy, Portugal, the Czech Republic and Slovakia.
7 May 2008
The European Commission today recommended that the Council abrogates the excessive deficit procedures (EDP) for Italy and Portugal since their budget deficits fell below 3% of GDP in 2007 and are projected to remain below this ceiling also in 2008 and 2009.
This means that for the first time since 2002 not a single euro-area Member State is subject to the close surveillance of its public finances provided for in the 'corrective arm' of the Stability and Growth Pact.
Today, the Commission concluded that the conditions were also met to close the EDP procedures concerning the Czech Republic and Slovakia.