EcoFin upholds EC's recommendation on Poland's excessive deficit procedure.

By bne IntelliNews February 17, 2010
The EU's Economic and Financial Affairs Council (EcoFin) assessed that Poland has so far acted in a manner consistent with its recommendations concerning the excessive deficit procedure and decided that no further steps are needed at this stage under the procedure, EcoFin has announced. Poland has been the subject of excessive deficit procedure since July 2009, when the European Council also issued recommendations on corrective action to be taken, setting 2012 as the target year for bringing their deficits back below 3% of GDP. Poland's recently submitted update to the EU's convergence programme stipulates for the general government's inching down to 6.9% of DP this year (from 7.2% in 2009) and further to 5.9% in 2011 and to 2.9% in 2012 (in line with the EC's recommendation). Then, a stabilisation at levels below 3.0% of GDP is forecasted. tom

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