|
|
|
Cyprus News Agency: News in English, 11-01-27
CONTENTS
[01] COMMISSION - CYPRUS - DEFICIT
[01] COMMISSION - CYPRUS - DEFICIT
The European Commission has decided that no further steps in the
excessive deficit procedure are needed at present for Cyprus, since it
has taken action representing adequate progress towards the correction
of the excessive deficit within the time limits set by the Council.
In a press release, the Commission notes that, ``following the expiry
of the usual six-month period after the Councils recommendation, the
Commission has made an assessment of the action taken by Cyprus,
Finland, Bulgaria and Denmark in response to the Council recommendation
of 13 July 2010, with a view to bringing an end to their situation of
excessive government deficit.``
The Commission concluded that, ``on the basis of currently available
information, Cyprus, Finland, Bulgaria and Denmark have taken action
representing adequate progress towards the correction of the excessive
deficit within the time limits set by the Council.``
It therefore considers that, for these member states, ``no further
steps in the excessive deficit procedure are needed at present.``
The Commission notes that it will continue to closely monitor budgetary
developments in accordance with the Treaty and the provisions of the
Stability and Growth Pact.
|
