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Europe Daily Bulletin No. 8861

7 January 2005
Contents Publication in full By article 10 / 23
GENERAL NEWS / (eu) eu/earthquake/emu
Commission could show clemency towards excessive deficit countries given their aid to Asia

Brussels, 06/01/2005 (Agence Europe) - The Commission spokesperson confirmed on Thursday that Member States whose budgetary deficit does not exceed 3% of GDP because of the aid they have contributed to the populations of Asia hit by the earthquake may not be penalised. In concrete terms, the amount of such aid cannot be excluded from the calculation of deficit, but the Stability Pact provides that, in exceptional circumstances, a Member State in an excessive deficit situation may escape...

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