ECOFIN removes excessive deficit procedure against Bulgaria.

By bne IntelliNews June 25, 2012
On Jun 22, the Economic and Financial Affairs Council (ECOFIN) decided to close the excessive deficit procedure (EDP) for Bulgaria due to consistently low general government deficit (below EU's 3% of GDP reference value), the Council said in a press release. The decision was taken after in May, the EC recommended removing the EDP. Thus, Bulgaria is already one of the six member states that are not subject to EDP. The EDP against Bulgaria was opened in Jul 2010 when the Council recommended that Bulgaria brought its deficit below the 3% GDP threshold by 2011. Bulgaria reduced its budget deficit from 3.9% of GDP in 2009 and 3.1% of GDP in 2010 to 2.1% in 2011. Additionally, the EC expects further narrowing of the gap to 1.9% of GDP in 2012 and 1.7% of GDP in 2013.

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