Brussels, 21/10/2010 (Agence Europe) - Meeting in Luxembourg on Tuesday 19 October, the EU economy and finance ministers took the view that Lithuania and Romania have made satisfactory progress towards correcting their public deficit. These two member states are the subject of a procedure concerning excessive deficits since July 2009 when the Economic and Financial Affairs Council (Ecofin) set out recommendations on correcting measures to be taken by the authorities of these two countries. Lithuania and Romania have until 2012 to bring their public deficit under the 3% of gross domestic product (GDP) reference mark fixed by the EU treaties. The first deadline had been set for 2011 but was put back to take into account the decline in economic activity. Lithuania's public deficit had thus reached 9.8% of GDP, and that of Romania 7.8% of GDP.
Since February 2010, the Ecofin Council has called on Lithuania to reduce its deficit by at least 2 ¼ % of GDP on average annually over the 2010-2012 period. Romania has received a €5 billion loan from the EU and the Council has (since February 2010) urged this country to ensure an average annual budgetary effort of 1 ¾ % of GDP over the period 2010-2012. (L.C./transl.jl)