Brussels, 11/03/2013 (Agence Europe) - At a conference in Warsaw on Friday 8 March on the European Semester, Euro Commissioner Olli Rehn commented on Poland's implementation of the country-specific recommendations for Poland issued by the European Summit in 2012.
Rehn said that Poland should have corrected its excessive deficit last year, but according to the European Commission's Winter Economic Forecast, 'it is projected to have recorded a deficit above, but still close to the 3% of GDP reference value of the Treaty. Given that and the fact that the debt is expected to remain below 60% of GDP, Poland could benefit from a special rule that takes into account the net cost of a systemic pension reform including the setting-up of a mandatory second pension pillar. However, for an abrogation of the Excessive Deficit Procedure, we need to see the actual data for 2012 and the costs of the pension reform validated by Eurostat. Moreover, our subsequent Spring Forecast should then confirm that the deficit has been durably corrected.'
On the question of structural reforms, Rehn said 'the progress Poland has made on increasing the retirement age to 67 is welcome. Also the continued focus on boosting investment will be vital to provide the necessary fuel to the economy. At the same time, further efforts are required to tackle a number of recommendations addressed to Poland last year, in particular in the areas of youth unemployment, education, labour market reform and creating a more innovation-friendly business environment. I understand that the work is ongoing.' (MB/transl.fl)