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Europe Daily Bulletin No. 8705

13 May 2004
GENERAL NEWS / (eu) eu/emu
Commission announces start of bugetary surveillance procedure for new Member States

Brussels, 12/05/2004 (Agence Europe) - As expected the European Commission adopted on Wednesday the reports on six new Member States (Cyprus, Czech Republic, Hungary, Malta, Poland and Slovakia), which had budget deficits higher than the 3% reference value stipulated in the treaty. Two of these countries (Cyprus and Malta) had levels of public debt that were higher than 60% of the GDP reference value. Budgetary surveillance procedures have therefore been launched for these countries. This...

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