End of the excessive deficit procedure against the Polish – eGospodarka

European Commission against the Polish abolish the excessive deficit procedure. The decision to adopt the recommendations in this matter has taken the College of Commissioners of the European Union. The procedure will be abolished for a year before the deadline.

Such a decision of the European Commission means that according to EU Polish authorities on a permanent basis reduced the excessive deficit. In 2014. Deficit of the general government decreased by 0.8 points. percent. to 3.2 percent. GDP, which is to close to 3 percent. GDP. This enabled the provision, under the excessive deficit procedure, borne back in 2014. Costs of systemic pension reform – 0.4 percentage point. GDP and reduce the deficit below 3 percent of GDP after taking into account these costs. Thus, the deficit reached a level that enables image of Polish excessive deficit procedure.

– From today the first major problem no longer need to be answers to the questions, where to look for savings, but above all, what better way to spend public money. It will not be a question of additional sources of income, higher taxes. The idea of ​​such a formulation of tax policy, government income that is best for jobs and better development of the Polish – commented on the Commission’s decision finance minister Mateusz Szczurek.

The European Commission forecast that the deficit will reach 2.8 percent. Of GDP in 2015. And 2.6 percent. Of GDP in 2016. Polish tax authorities for the years 2015 and 2016 is going to reduce the deficit to 2.7 per cent. GDP and 2.3 percent. GDP.

The excessive deficit procedure is a procedure initiated at European Union level in case of exceeding allowable by the Member State public finance deficit. State whose deficit was deemed excessive, it must take appropriate corrective action, and if they do not implement, it can be loaded with financial sanctions.