Six of the ten countries who joined the European Union last week are to be warned that their budget deficits are too high, according to Spanish press reports
Published:
6 May 2004 y., Thursday
The warnings mark the first step in a disciplinary procedure designed to limit budget deficits - or surpluses - to less than three percent of GDP.
In theory repeated transgression from these rules could result in massive fines, however no such fines have ever been imposed and the new members are likely to be given significant leeway to put their books in order.
According to the Spanish financial daily Cinco Dias, Poland (with a deficit of 4.1%), Hungary (5.9%), the Czech Republic (12.9%), Slovakia (3.6%), Cyprus (6.3%) and Malta (9.7%), are all likely to receive warnings in the coming weeks.
According to newswire EFE, the new economic affairs commissioner, Joaquín Almunia, will propose next Wednesday (12 May) that disciplinary procedures be initiated.
The move is likely to be seen as a message that the new member states should move toward convergence with the euro zone's rules without delay.
Šaltinis:
euobserver.com
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
The President of the Republic of Lithuania, Dalia Grybauskaitė, met with the Commander of the US European Command and NATO's Supreme Allied Commander Europe, Admiral James G. Stavridis.
more »
The President of the Republic of Lithuania, Dalia Grybauskaitė, met with the Prime Minister of Estonia, Andrus Ansip, who is on a visit to Lithuania.
more »
July 12 marks one year since President Dalia Grybauskaitė took office. What has changed in Lithuania over that time?
more »
On 8-9 July in Genval, Belgium, Political Director of Lithuania’s Ministry of Foreign Affairs Eitvydas Bajarūnas took part in the consultations of political directors from foreign ministries of 27 European Union member states.
more »
On 9 July, Lithuania’s Minister of Foreign Affairs Audronius Ažubalis received the outgoing Ambassador of Ukraine Ihor Prokopchuk.
more »
On 7 July in Vilnius, Lithuania’s Minister of Foreign Affairs Audronius Ažubalis and Israel’s Foreign Minister Avigdor Liberman discussed bilateral political, economic and cultural cooperation, as well as possibilities to intensify economic, trade and tourist exchanges.
more »
In the statement by U.S. President Barack Obama on the 10th Anniversary of the Community of Democracies that was released on 3 July, the President commended Lithuania for its Presidency of the Community and efforts to focus on the pressing challenges of today.
more »
"You offer us yet another opportunity to put ourselves and our civic mind to the test of time. Your example makes us raise our standards higher and higher," President of the Republic of Lithuania Dalia Grybauskaitė said at the ceremony of presenting state awards.
more »
President Dalia Grybauskaitė offered personal congratulations by phone to President-elect Bronisław Komorowski on his victory in Poland's presidential elections.
more »
Foreign states and international organizations extend condolences to Lithuania on the passing of President Algirdas Mykolas Brazauskas
more »