Spectator on facebook

Spectator on facebook

BUSIENSS IN SHORT

EC examines Slovak budget deficit

IN VIEW of planned budget deficits of more than 3 percent in 2009 in many EU countries, the European Commission has adopted reports for Slovakia and nine other countries under the corrective arm of the Stability and Growth Pact. The reports examine whether the deficits planned for 2009 are close to the reference value of 3 percent and whether the higher deficits are exceptional and temporary.

IN VIEW of planned budget deficits of more than 3 percent in 2009 in many EU countries, the European Commission has adopted reports for Slovakia and nine other countries under the corrective arm of the Stability and Growth Pact. The reports examine whether the deficits planned for 2009 are close to the reference value of 3 percent and whether the higher deficits are exceptional and temporary.

“We need to continue supporting the economy until the recovery takes hold, in line with the European Economic Recovery Plan,” said Economic and Monetary Affairs Commissioner Joaquín Almunia. “But now is also the moment to design coordinated exit strategies so that, when the moment is right, we can begin to roll back the soaring debt levels.”

Earlier this year, the commission had initiated excessive deficit procedures for nine other EU countries which had gone over the reference value in 2008. Before the crisis hit in the autumn of 2008, only Hungary and the United Kingdom had been subject to the excessive deficit procedure (EDP).

In all of the current cases the European Commission concluded that although the deficit levels are exceptional in nature, resulting primarily from a severe economic downturn or recession of an unforeseeable scale, they are neither close to the reference value nor temporary.

The next step – the recommendations on the deadlines for the correction – will take into account the countries’ figures for October.


Top stories

Kiska: Even Europe has its aggressive neighbour

President Andrej Kiska addressed UN commenting poverty, instability and climate change.

President Andrej Kiska

Ryanair cancels some flights from and to Bratislava

The Irish low-cost airline publishes full list of cancellations

Irish budget airline Ryanair is believed to be cancelling up to 50 flights every day over the next six weeks because it "messed up" its pilots' holiday schedules.

No fees bring higher summer roaming

EU regulation raises the volume of roaming calls and data with Slovak mobile operators .

People should pay attention on used data abroad.

Fundamental values explored at Divadelná Nitra 2017

This time round, the Slovak, European and US ensembles at the theatre festival focus on #fundamentals, i.e. basic values and the essence of all things.

Nature Theatre of Oklahoma: Pursuit of Happiness