EU suspends Poland's excessive deficit procedure, closes it for 6 other countries

By bne IntelliNews June 23, 2014

The Council of the European Union has decided to suspend the excessive deficit procedure in the case of Poland (which was launched five years ago). At the same time, the Council closed excessive deficit procedures for Belgium, the Czech Republic, Denmark, the Netherlands, Austria and Slovakia, confirming that these countries have reduced their deficits below 3% of GDP, the EU's reference value for government deficits.

It also said that the macroeconomic scenario underpinning Poland's budgetary projections in the Convergence Programme is plausible for 2014 and optimistic for 2015 with a higher rate of real GDP growth of 3.8% compared to 3.4% in the European Commission's 2014 spring forecast. Based on its assessment of the Convergence Programme and the Commission forecast, the Council is of the opinion that while Poland is expected to stay within the ceiling of the headline deficit recommended by the Council for 2014, there are risks to a sustainable correction of the excessive deficit in 2015 and, thereafter, to the appropriate adjustment path towards the medium-term objective.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

Poland reportedly defies EU court injunction on logging in Unesco-listed forest

Poland will not comply with the Court of Justice of the European Union’s injunction on logging in the ancient Bialowieza Forest, a newswire report claimed on August 4. Warsaw’s stance in ... more

Polish regulator gives RBI new IPO deadline

Polish financial market regulator KNF on August 2 gave Raiffeisen Bank International (RBI) a new deadline of May 15, 2018 to float 15% of its Polish unit. Under the terms of its purchase of the ... more

Central Europe’s factories remain busy despite a summer lull in PMIs

Manufacturers in Central Europe reported a step back in activity and confidence in July, purchasing managers’ indices (PMI) released by IHS Markit on August 1 showed. While, the indicators still ... more

Most Read

  1. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    5 days ago
  2. Investors ask which Russian bank domino will be the next to topple
    2 days ago
  3. Russia's Binbank asks central bank for help
    6 days ago
  4. Central and Eastern Europe lags the world in social capital
    2 days ago
  5. Kremlin to launch massive infrastructure projects in 2018
    5 days ago
  1. ISTANBUL BLOG: Commerzbank ignites quarrel claiming Turkey’s official growth figures are “more than questionable”
    13 days ago
  2. Hungary threatens to block Romania’s OECD accession
    19 days ago
  3. Economists tangle over risk of a Greek-style collapse in Turkey
    24 days ago
  4. STOLYPIN: Russia balances wargames with mindgames in Zapad exercises
    5 days ago
  5. Russia’s government moves from war budget to election budget
    1 month ago

Selected articles from our premium news/views wire IntelliNews Pro

Login to IntelliNews Pro
Get IntelliNews Pro

Reports

Dismiss