2024-11-26 21:34 update: 2024-11-26, 21:36
Fot. PAP/Marcin Obara
The European Commission (EC) has given a favourable evaluation of Poland's strategy to come out of the EU's excessive deficit procedure (EDC), advising EU member states to accept the Polish plan.
On Tuesday, the EC issued its opinion on the medium-term budget plans that were submitted by 22 EU member countries. The EC gave a positive evaluation to 20 of them.
In those plans, countries specify their fiscal targets, priority reforms and investments. States covered by the EDP outline their strategies to come out of the procedure.
In late July, the EU Council launched the EDP against Poland after the country exceeded the EU deficit limit of 3 percent of its gross domestic product. In Poland, the 2024 deficit reached 5.7 percent of GDP. Under the procedure, the government is obliged to reduce its spending and get back into the required deficit band.
Currently, eight EU states are covered by the EDP. Five of them chose to adopt a longer seven-year timeframe for balancing their state budgets. Poland aims to exit the EDP over a four-year period and reduce the deficit to below 3 percent of GDP by 2028. (PAP)
wpb/jch
