Brussels, 05/12/2012 (Agence Europe) - On Tuesday 4 December, the ECOFIN Council decided to end the excess deficit proceedings against Malta, which has brought its public deficit back below the 3% of GDP reference point in a sustainable manner. The deficit stood at 3.6% in 2010, 2.7 % in 2011 and is expected to be 2.6% this year due to one-off measures. As things stand, the European Commission expects that in 2013, the country's public deficit will be 2.9 % of GDP, and will fall to 2.6% again in 2014.
Welcoming the ECOFIN Council's decision, Euro Commissioner Olli Rehn said that twenty member states still had excess deficit proceedings against them, four fewer than last year. The seven member states not subject to the excess deficit proceedings are Germany, Bulgaria, Estonia, Finland, Luxembourg, Malta and Sweden. (MB/transl.fl)