Brussels, 12/12/2013 (Agence Europe) - On Tuesday 10 December, EU finance ministers endorsed a European Commission recommendation to postpone until 2015 (instead of 2014) the deadline for Poland to reduce its deficit to below 3% of GDP.
Poland's structural effort for 2013 is 0.3% of GDP, well below the amount recommended by the Council in the summer (0.8%). Likewise for the overall budget adjustment which is 0.2% rather than the recommended 0.4%. The finance ministers say that Poland did not introduce enough measures to meet its deficit reduction targets. The new deficit targets are 4.8% of GDP in 2013, 3.9% of GDP in 2014 and 2.8% in 2015 (not including the impact of the reform of the pension system). Structural budget correction of 1% is required of Poland in 2014 and 1.2% in 2015. The ministers have set 15 April 2014 as the deadline for introduction of effective action. (EL/transl.fl)