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
President of the Republic of Lithuania Valdas Adamkus received Admiral Michael G. Mullen, Chairman of the US Joint Chiefs of Staff.
more »
Lithuanian Ambassador Mečys Laurinkus presented credentials to President of Georgia Mikheil Saakashvili.
more »
On 21 October, Lithuanian Minister of Foreign Affairs Petras Vaitiekūnas received Rabbi Andrew Baker, a representative of the American Jewish Committee, who is visiting Vilnius.
more »
President of the Republic of Lithuania Valdas Adamkus received participants of the conference “Historic Significance of the Reciprocal Guarantee of Lithuania and Poland and the Present Day”.
more »
The President of the Republic of Lithuania Valdas Adamkus received the Ambassador of Portugal Antonio Manuel Moreira Tanger Correa, finishing the second term of office as the Ambassador.
more »
At the United Nations in New York, Lithuania raised the issue of dumped chemical weapons at seas. It is the first initiative of this kind on the UN agenda.
more »
President Valdas Adamkus wished President Ilham Aliyev of Azerbaijan, re-elected for the second term of presidency, to continue the important and responsible duties of his office.
more »
During the “Common World: Progress through Diversity” Forum in Astana, Lithuania‘s Foreign Minister and representatives from more than 60 states discussed the issues of strengthening tolerance and dialogue between the Western and Muslim worlds, as well as possibilities to promote security and stability.
more »
President of the United States George W.Bush received Lithuania‘s Ambassador to the USA at the White House in Washington and informed about the decision to remove the visa requirements for Lithuania’s citizens travelling to the United States as of November this year.
more »
On 16 October, Lithuanian ambassador Arūnas Vinčiūnas presented credentials to the President of Bulgaria Georgi Parvanov.
more »