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EU tells five member states to cut deficits

Published: 24/06/2009 05:00

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The European Commission recommended deadlines for five European Union (EU) member states to rein in their deficits which are pushed up by massive spending on economic stimulus.

Among the five EU countries, Hungary, Lithuania and Romania were told to bring their swelling deficits under EU limit by 2011,while Malta and Poland have to do so by 2010 and 2012 respectively.

Under the EU’s stability and growth pact, a member state has to keep its deficit below three percent of its gross domestic product(GDP). Only in exceptional cases, such as the current financial and economic crisis, their deficit is allowed to breach the limit on a temporary basis and to a small extent.

But after spending billions of euros to boost a recession-hit economy and suffering from dwindling revenues, all EU countries have seen their national budgetary position deteriorated considerably.

“To limit the costs of the debt for generations present and future, it is crucial that governments devise an adjustment path whereby they commit to correct public deficits from the moment the economy starts to recover, which is expected to happen gradually starting 2010,” said EU Economic and Monetary Affairs Commissioner Joaquin Almunia.

VietNamNet/Xinhuanet

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