Commission assesses the stability and convergence programmes of Spain, Cyprus, Latvia, Lithuania, Slovenia and the United Kingdom
Published:
26 February 2005 y., Saturday
Having examined their respective updated multi-annual stability and convergence programmes, the European Commission concludes that Spain fully meets the requirements of having a budget close to balance or at surplus as set in the Stability and Growth Pact, but should embrace pension reform more vigorously to address the costs of an ageing population.
Outside the euro zone, Cyprus is on track to correct its excessive deficit by 2005 as recommended by the Council, whereas Latvia deserves praise for having lowered its deficit targets compared to the May 2004 programme.
Lithuania is called upon to make further progress towards a budgetary position of close-to-balance and to allocate higher-than-budgeted revenues and unspent expenditure this end. Slovenia is also urged to seize every opportunity to accelerate the reduction of its deficit and to improve the long-term sustainability of its public finances. Finally, the Commission encourages the UK to maintain its deficit below 3% of GDP in the current financial year and to aim for a close-to-balance position in the medium term. The Commission’s recommendations on these six programmes as well as on the updated convergence programme of Hungary also assessed today (see IP/05/184) will be on the agenda of the European Union finance ministers’ meeting on 8 March.
“Achieving and maintaining national budgets close to balance or in surplus in the medium term is one of the key aspects of the Stability and Growth Pact which must be revived and strengthened. This is a good principle which will allow for a safety margin against running excessive deficits in bad times,” said Economic and Monetary Affairs Commissioner Joaquнn Almunia.
Šaltinis:
Press Release: European Union
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
European cities may still be feeling the pinch of the global recession.
more »
The EBRD Board of Directors has approved a $50 million convertible loan to Petrolinvest to finance the completion of exploration works at the company’s main oilfields.
more »
The European Commission welcomes the adoption today at the United Nations in Geneva of the first international regulation on safety of both fully electric and hybrid cars.
more »
Bloomberg has today announced that Lithuania had the outlook on its credit rating raised by Fitch Ratings after the Government implemented an austerity program to curb the budget deficit.
more »
In January 2010, compared with December 2009, the highest increase in retail trade in the EU-27 Member States was observed in Lithuania.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania will get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and job guidance after Parliament gave the green light on Tuesday.
more »
Some 80% of Europeans continue to travel for their holidays according to a new Eurobarometer survey on ‘The attitudes of Europeans towards tourism 2010’.
more »
The EU's internal market will be under scrutiny Tuesday when a series of reports will be debated by MEPs in Strasbourg.
more »
EU Employment and Social Affairs Ministers today agreed on a new facility to provide loans to people who have lost their jobs and want to start or further develop their own small business.
more »
Over €7.6 million in financial aid for training and self-employment could be available to former workers in German and Lithuanian if MEPs back the measures Tuesday.
more »