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EC will announce in January whether to sanction the five countries aware of the risk of budget slippage
The European Commission will announce in January whether to punish or not the five European Union countries who have sent a warning in early November because of the risk of slippage budget Brussels on Monday, according to AFP.
Brussels has sent warnings of Belgium, Malta, Cyprus, Poland and Hungary, under the new rules of the Stability Pact strengthened recently adopted for the five countries to correct the trajectory of the 2012 budget and to present balanced budgets.
"Since then, the five countries have taken measures to reduce its debt level. These answers are recent," said European Commissioner for Economic Affairs Olli Rehn in a press conference in Brussels on all these measures were named "Six Pack".
Given that response came only five countries, "can not draw a conclusion on whether these measures have to wait for January," he said.
Belgium has set a budget that would allow to reduce the deficit to 2.8% of GDP in 2012 and 2015 to reach equilibrium, ie to be within the targets set by the Stability Pact.
Strengthened version of the Stability Pact will enter into force Tuesday and promised Olli Rehn on several occasions that he would use "first day" all tools at its disposal.
"From tomorrow, all countries in excessive deficit procedure must meet the recommendations submitted by the European Council (No - that is the EU member states) to correct excessive deficits. Otherwise, the euro area countries are financial penalties," he he said.
The device provides some "correct" in the country that shows a deficit exceeding 3% of gross domestic product, and some "preventive", with possible sanctions for countries that are moving dangerously towards the ceiling.
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