EC expects Slovakia to meet stability pact criteria

THE EUROPEAN Commission (EC) yesterday presented its evaluation of EU newcomers in meeting convergence criteria, the SITA news agency reported.

The EC said that Slovakia, and its neighbour the Czech Republic, are proceeding in line with the revised recommendation of the Stability and Growth Pact, approved by European leaders at the Brussels summit last March.

Commissioner Joaquin Almunia noted, however, that Slovakia's general government budget expenses represent a mid-term risk in meeting the convergence criteria.

The report says Slovakia's indebtedness is below the 60-percent limit set by the Maastricht criteria and will remain below that level for the next two decades. Nevertheless, the EC called on Slovakia to strictly implement the planned measures for consolidation of public finances in the mid-term, to avoid the risk of not keeping the debt at this level.

The commissioner also asked Bratislava to enhance its fiscal convergence efforts and boost the ceiling limit of public expenses so that the budget respects the Maastricht criterion of a maximum deficit of 3 percent of GDP.

The EC was also pleased with the "optimistic macroeconomic indicators" in the Slovak economy.

Compiled by Martina Jurinová from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Get daily Slovak news directly to your inbox

Top stories

Better times ahead for the Calvary in Bratislava

The last preserved station was restored this summer.

The last preserved station of the Stations of the Cross in Bratislava

Why you need to buy a belt

On this Black Friday, with society teetering on the brink of chaos, I ask that we all do our part.

Roundup: Bratislava’s Old Market Hall hosts Christmas markets

If you have not watched the 'Dracula' miniseries, filmed in Slovakia last year, it is about time.

Bratislava’s Old Market Hall will provide visitors with Christmas vibes in the coming four weeks. Each week, from Wednesday to Saturday, people can do a little bit of Christmas shopping at the venue.

Fico admits to ties with Bödör

Former prime minister stands by his praise for the state secretary who confessed to corruption and court interference.

Robert Fico during his November 26 press conference.