09/10/2007 (Agence Europe) - On Tuesday 9 October, EU27 finance ministers followed the European Commission's recommendations (see EUROPE 9500) to repeal the excess budget proceedings against the United Kingdom under Article 104(12) of the Treaty and to confirm the 2008 deadline for the Czech Republic to correct its deficit (under Article 104(7)). The Council noted that the United Kingdom had brought its deficit down below the 3% threshold in a credible and sustained manner (down to 2.7% in 2006-7 compared with 3.2% in 2004-5 when the proceedings were launched), although this improvement was described as modest given the UK's economic boom. The economic situation is more buoyant these days than forecast in 2004 (when the 2008 deadline was decided upon) and so the Council decided there was no reason to change the Czech Republic's deadline. (ab)