Examples of using Excessive deficit in English and their translations into Serbian
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Bulgaria placed on EU excessive deficit watch.
Cyprus has an excessive deficit, the European Commission concluded on Tuesday(June 15th).
Also in business news: Croatia will invest 30m euros in its tourism sector andCyprus has an excessive deficit, the EC says.
Also this week:Brussels lifts the Excessive Deficit Procedure imposed on Greece.
EU economic and finance ministers approved a proposal by the European Commission(EC)earlier this month to launch an excessive deficit procedure for Bulgaria.
The European Commission launched an excessive deficit procedure against Italy in June.
Parliament passed the budget revisions just days beforethe EU finance and economy ministers endorsed the EC proposal for opening an excessive deficit procedure on July 13th.
We conclude that the opening of a procedure for excessive deficit based on the debt is therefore justified”.
To prevent excessive deficits, countries in the treaty will have to submit their national budgets to the European Commission, the executive body of the EU, which will have the power to send them back for revision.
Given the high deficit in 2004 andother budgetary risks, the excessive deficit may persist in 2005, the ECOFIN statement said.
The EU initiated an excessive deficit procedure for Bulgaria and told Sofia to slash the country's budget deficit by next year.
Member States are expected to coordinate their economic policies andare subject to the rules of the excessive deficit procedure and of the Stability and Growth Pact.
The latter could be the so-called excessive deficit procedure(EDP), which aims to help countries correct their finances.
Unemployment is going down, employment is improving, growth is picking up,[…] The fiscal deficit is decreasing: in 2011,we had 24 countries in the Excessive Deficit Procedure, we are left now with four countries.
The EU finance ministers decided on Tuesday(June 5th)formally to end the Excessive Deficit Procedure imposed on Greece since 2004, and to lift similar procedures imposed on Germany and Malta.
Coface has upgraded the assessments of Spain, where growth and foreign trade are particularly dynamic, to A2, and Portugal,which has withdrawn from the European Commission's excessive deficit procedure, to A3.
The two countries have veered off track in the correction of their excessive deficits and have not met their budgetary targets,” Valdis Dombrovskis, a commission vice-president.
Cyprus is under Excessive Deficit Procedure(EDP) since the country's budget deficit is above the 3% of GDP threshold allowed for eurozone members, the European Commission(EC) announced on Wednesday(May 12th).
Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said:"Today we move a step closer to leaving behind us thelegacy of the crisis, as France exits the Excessive Deficit Procedure after nine years.
Last June, Brussels proposed that an excessive deficit procedure(EDP) be opened against Romania in light of its 2008 budget gap of 5.4% of GDP. This exceeded the 3% of GDP limit for bloc members.
Generally, the acquis in the area of economic policy requires member states to coordinate economic policies andto respect the rules relating to the stability of public finances and the excessive deficit procedure.
Lately, the two countries have veered off track in the correction of their excessive deficits and have not met their budgetary targets,” said Valdis Dombrovskis, the EU Commission's VP in charge of the euro.
According to the report, on October 2nd and 21st of 2009,Greece's previous conservative government and its Socialist successor sent the EU widely differing notifications on the country's excessive deficit for the years 2005 through 2008, as well as contradictory forecasts for 2009.
Brussels took the first steps towards initiating an excessive deficit procedure for Bulgaria in May, with the adoption of a report that described the excess over the 3% of GDP reference value as"exceptional".
This shows the Commission's determination to focus on the implementation of the European Pillar of Social Rights in all the Member States and improve working and living conditions for all European citizens.”Pierre Moscovici, Commissioner for Economic and Financial Affairs, Taxation and Customs, said:“Today we move a step closer to leaving behind us thelegacy of the crisis, as France exits the Excessive Deficit Procedure after nine years.
The quality of excessive deficit procedure(EDP) reporting was further enhanced. In cooperation with the Statistical Office of the Republic of Serbia, the NBS submits this Report to Eurostat twice a year(April and October).
Bulgaria"should avoid a deterioration of the 2010 deficit beyond 3.8% of GDP and correct the excessive deficit by 2011 at the latest, implying a structural consolidation effort of around¾ percentage points of GDP in that year", the ministers recommended.
Viewing the country's excessive deficit in 2009 as"temporary" in the sense of the EU Treaty and the Stability and Growth Pact, it predicted that the gap in this year's budget would shrink to below the EU limit and the downward trend would continue in 2011.
The report calls on the Council of the EU to green light a process that could see the Commission smack Rome with a so-called excessive deficit procedure(EDP)- a disciplinary measure for countries that breach the bloc's budget deficit and public debt rules.
Its latest report says many countries are running“excessive deficits”- spending more than they are earning- and one of the biggest challenges to the eurozone“are rooted in distorted political incentives” at both national and Eurozone levels.
