Domestic

Home page

Domestic

EU to assess budgetary rules broken countries in March

09 December 2014 00:01 (UTC +04:00)

Baku-APA. Eurogroup president Jeroen Dijsselbloem said on Monday that the European Union (EU) will assess the non-compliant budget rule countries including France, Italy and Belgium in March to sort their budgets, urging all member states to comply with fiscal rules, APA reports quoting Xinhua.

Speaking at a press conference during the eurogroup meeting, Dijsselbloem told seven countries at risk to break budgetary rule to take additional consolidation measures on structural deficit which should be under 3 percent of GDP.

"Some countries have a lot work to do," he said at the press conference after a special eurogroup meeting dedicated to draft budgetary plan.

He underlined that the fiscal frame is working for stability and growth, urging member states to address the high deficit issue.

The European Commission said in a report that seven EU member states including France were at risk of non-compliance with the provisions of the Stability and Growth Pact, which requires member states to limit their budget deficit to under 3 percent of their GDP.

EU Economic and Financial Affairs Commissioner Pierre Moscovici said that the Commission will monitor the development of budget fix in some member states.

Apart from the budgetary discussions, Dijsselbloem commented on aid program for Greece, saying the issue of a six-month extension for aid remains open.

The Greek issue is expected to be discussed at the ongoing eurogroup meeting.