EU proposes ending deficit action vs Germany, Greece, Malta UPDATE |
|
|
|
Published
:
Wed, 16 May 2007 11:45
|
(Updates with Germany details, Almunia quote)BRUSSELS (Thomson Financial) - The European Commission said it has decided to propose ending fiscal disciplinary measures against Germany, Greece and Malta now that their deficits no longer breach the stability and growth pact limit of 3 pt of GDP.The recommendation will go to EU finance ministers for approval.The Commission said in a statement that the German excessive deficit situation 'has been corrected in a credible and sustainable way'.The deficit in Germany fell to 1.7 pct of GDP in 2006 from 3.2 pct in 2005.The commission's spring forecast projects the deficit to decline further to 0.6 pct of GDP this year.The commission reiterated the council of finance minister's calls for the German government to 'take advantage of the good times and use any unexpected revenues to reduce the deficit further below its target'.The excessive deficit procedure was initiated in January 2003 after Germany posted a deficit of 3.7 pct of GDP in 2002.'Germany's correction of its deficit is very important for the credibility of the Stability and Growth Pact,' said Joaquin Almunia, European Commissioner for Economic and Monetary Affairs.He added that 'Malta has come a long way', noting that the 'perspective of euro adoption acted as a strong incentive to reduce the deficit to 2.6 pct in 2006'.victoria.main@thomson.comvm/cml/fr/cmlCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
|
|
|
|
|
|
|
| Stock
Quotes * |
|
NASDAQ
|
|
2792.28 |
22.57 (
0.81 %)
|
| SYMBOL (
2012-01-19 ) |
| LAST |
CHANGE
|
|
CARNIVAL
(
11:35am )
|
|
2017.00 |
46.00 (
2.42 %)
|
|
WHITBREAD
(
11:35am )
|
|
1662.99 |
33.99 (
2.09 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
IBM
(
12:34pm ) |
|
181.50 |
0.43 (
0.24 %)
|
| SYMBOL (
2012-01-19 )
|
| LAST |
CHANGE
|
|
|
Print this Story
Almunia says EU to consider ending deficit measures vs Germany, Greece on May 16 