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9 December 2022
Economic and financial affairs News

Excessive deficit: Spain exits procedure as deficit reduced below 3%

The Council today closed the excessive deficit procedure for Spain, confirming that it has reduced its deficit below the EU’s 3% of GDP reference value.

The Council thereby abrogated its decision of April 2009 on the existence of an excessive deficit in Spain. As a consequence, no member state remains subject to an excessive deficit procedure. Procedures were open for 24 member states in 2010-11 at the height of the euro crisis.

Member states are required by article 126 of the Treaty on the Functioning of the European Union (TFEU) to avoid excessive government deficits. The procedure is used to support a return to sound fiscal positions.

More details HERE

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