The Economic and Financial Affairs Council (ECOFIN) has approved of the European Commission's recommendation to postpone Poland's deadline for withdrawal from the excessive deficit procedure by one year to 2015. New minister of finance Mateusz Szczurek hailed the decision saying that it will allow to carry out such fiscal policy that will be less harmful for economic growth.
The Council set new headline deficit targets of 4.8% of GDP for 2013, 3.9% of GDP for 2014 and 2.8% of GDP for 2015 (excluding the impact of the pensions assets transfer).
In May, when EC put off the deadline by one year till 2014, it forecasted that Poland should reach a headline deficit target of 3.6% of GDP in 2013 and 3.0% of GDP in 2014 (vs. 3.9% of GDP in 2012).
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