Luxembourg, 19/06/2015 (Agence Europe) - On 19 June 2015, the Ecofin Council closed the excessive deficit procedures for Malta and Poland (see EUROPE 11314).
Malta's public deficit is expected to be reduced to 2.1% of GDP in 2014 and 1.8% in 2015, and its public debt to continue to fall from its peak of 68% of GDP in 2014. Poland's deficit reached 3.2% of GDP in 2014 and is expected to fall to 2.8%, below the 3% cut-off point, in 2015.
Nine member states (Croatia, Cyprus, Spain, Greece, France, Ireland, Portugal, the United Kingdom and Slovenia) are still subject to excess deficit procedures.
Under the European Semester budget process, the Ecofin Council issued country-by-country and eurozone social and economic policy recommendations. Once endorsed by the European Summit in June, the recommendations will need to be taken into account when the member states draw up their budgets for 2016. (Mathieu Bion)