Spectator on facebook

Spectator on facebook

NBS Governor says deficit spending should end quicker

An end to deficit spending should come sooner, said Slovak central bank (NBS) governor Ivan Šramko after Wednesday's, September 30, government session, the TASR newswire reported.

An end to deficit spending should come sooner, said Slovak central bank (NBS) governor Ivan Šramko after Wednesday's, September 30, government session, the TASR newswire reported.

“I have come to such a conclusion based on a resolution we have passed at the European Central Bank (ECB) governors' council. This resolution calls on governments in 2010 to responsibly return to healthy public finances. They have to submit a trustworthy consolidation strategy in the year when the stabilisation of the economy will take place - which should be 2010 based on our prognoses,” said Šramko to TASR.

The resolution recommends the countries which have "normal" public finances to reduce deficit spending significantly more than 0.5 percent of the GDP, and countries with significant debts and large deficits to do so at the level of 1 percent of GDP.

“Based on this document, I recommended to speed up the consolidation at least to the level of 1 percent of GDP,” said Šramko.

“At the government session I also spoke about Slovakia's debt which could be considered low in comparison to other European Union countries; but on the other hand this year's deficit of 6.3 percent and next year's of 5.5 percent of GDP increases the debt significantly,” the NBS Governor said. But he does not think that this sum will be unacceptable within the current EU context, nor will it jeopardise Slovakia's position on the financial markets or endanger its credit rating. TASR

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

The processing of personal data is subject to our Privacy Policy and the Cookie Policy. Before submitting your e-mail address, please make sure to acquaint yourself with these documents.

Top stories

Construction of underground roundabout changes traffic flow on Bratislava’s Mlynské Nivy

Mlynské Nivy Street will be transformed into a modern boulevard by the autumn of 2019.

New construction on Mlynské Nivy Street.

Slovakia is the first country to test a new VAT refund app

Getting money back for buying souvenirs in Slovakia will be easier - there will be an app.

Illustrative Stock Photo

Prosecution has found errancies in criminal files related to self-employed farmers

General prosecutor feels that some prosecutors in the east of Slovakia follow their own conscience and opinion and not valid legislation.

General prosecutor Jaromír Čižnár

What are the best tourism sites in Slovakia recommended by CNN?

In its travel section the article describes the 11 best places to visit, suggested by Pavlo Fedykovych.

The commemorative coronation procession of Maximilian II, June 24, 2018, starting at Bratislava Castle.