EU Commission confirms 2010 deadline for Malta to narrow its deficit

The European Commission, as expected, has given Malta up to the end of next year to correct its budget deficit in line with EU rules. The commission in a statement observed that Malta last year had a deficit of 4.7% of GDP - when EU rules say the...

The European Commission, as expected, has given Malta up to the end of next year to correct its budget deficit in line with EU rules.

The commission in a statement observed that Malta last year had a deficit of 4.7% of GDP - when EU rules say the deficit should not exceed 3%.

It called on Malta to end the excessive deficit situation by 2010 in a credible and sustainable manner by rigorously implementing the budgetary measures planned for 2009 while avoiding any further deterioration in public finances.

"For 2010, new consolidation measures are called for," the commission said.

It also called on the Maltese authorities to ensure that budgetary consolidation towards the medium-term objective of a balanced budgetary position in structural terms was sustained after the excessive deficit was corrected. It invited the Maltese government to spell out the measures necessary to achieve a lasting consolidation and to strengthen the medium-term focus of the budgetary framework.

See also

http://www.timesofmalta.com/articles/view/20090624/local/brussels-sets-2010-deadline

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