The European Commission is considering launching an excessive deficit procedure against Austria: the Austrian budget deficit does not meet Brussels’ demands.
The European Commission “could” therefore recommend to the Council (of the Member States) “the adoption of an excessive deficit”.
Decision pending
Austria has announced that it will soon present measures on how it plans to reduce its deficit. The committee then wants to assess this. The council makes the final decision.
“Intention expressed”
In its communication, the Commission also addresses the ongoing government negotiations in Austria. The Austrian authorities “remembered and expressed their intention” to take the necessary measures to reduce the deficit below the three percent limit required by Brussels by 2025.
The committee agreed to review the measures once they were “approved by the government and provided with sufficient detail”. If this is achieved before the meeting of the responsible Council of Ministers of Economic Affairs and Finance in January, the opening of a procedure can be avoided.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
