Tsjechië, Cyprus, Malta, Polen en Slowakije goed op weg om begrotingstekorten aan te pakken (en)

woensdag 22 december 2004

The European Commission concluded today that the Czech Republic, Cyprus, Malta, Poland and Slovakia are on track for correcting the situation of excessive deficit they were found to be in, in July this year, and hence in line with the Council recommendations. Therefore, no further recommendations are required at this stage.

"I am comforted to note that the Czech Republic, Cyprus, Malta, Poland and Slovakia have all responded positively to the Council recommendations and taken the necessary measures to control their budget deficits. Sound public finances are a good thing for the economy and for taxpayers and should be pursued further in particular in periods of high growth such as those experienced by these Member States", said Joaquin Almunia, Economic and Monetary Affairs Commissioner.

Based on the evidence that the government deficit in each of the five countries exceeded the 3% of GDP reference value in 2003, the Council decided on 5 July, on a recommendation from the Commission, that an excessive deficit existed in the Czech Republic, Cyprus, Malta, Poland and Slovakia[1]. At the same time, also on a recommendation from the Commission, the Council issued a recommendation to each of them with a view to bringing the excessive deficit situation to an end (in accordance with Article 104(7) of the Treaty).

Specifically, also taking into account country-specific special circumstances such as the initial level of the deficit and the ongoing structural shift related to the convergence process, the Council recommended that the excessive deficit be corrected by 2005 in Cyprus, by 2006 for Malta, by 2007 for Poland and Slovakia, and by 2008 for the Czech Republic. For each country, this multi-annual adjustment path was in line with the country's own budgetary consolidation path as set out in its May 2004 convergence programme. Furthermore, in line with the provisions of the Stability and Growth Pact, the Council established in each 104(7) recommendation a four-month deadline, i.e. until 5 November 2004, to take "effective action". For Cyprus, this action refers to measures to bring the deficit below 3% of GDP by 2005. For the remaining five countries, which are requested to correct their excessive deficits in a multi-annual framework, the effective action relates to measures to achieve the 2005 budget deficit target.

With the deadline set by the Council for taking effective action expired, the following assessment can be made:

  • The estimated deficit outcome for 2004 for each country is in line with the target set in their respective May 2004 convergence programmes;
  • The 2005 deficit in each country is expected to be in line with the adjustment path endorsed by the Council;
  • Therefore, on current information and on the basis of the measures detailed in the 2005 budgets, it appears that the authorities of the five countries have taken effective action and thus seem on track to correct their excessive deficits within the terms of the Council recommendations under Article 104(7).

The text of the Commission Communication is available at:

http://europa.eu.int/comm/economy_finance/about/activities/sgp/procedures_en.htm

[1] In total, seven countries received Council recommendations at that date. Concerning the assessment of compliance with the Council recommendations, see separate press releases IP/04/1528 for Hungary and IP/04/1527 for Greece.

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