Don't miss

Replay


LATEST SHOWS

THE DEBATE

From Foe to Friend? Iraq: The makeover of Muqtada al-Sadr

Read more

FOCUS

France's newest political parties go to school

Read more

ENCORE!

Hugh Coltman serves up a New Orleans-inspired musical gumbo

Read more

PERSPECTIVE

'Macron sees high earners as key to getting the French economy moving again'

Read more

IN THE PRESS

'Shut Up and Drive': Saudi's paradoxical stance after female activists arrested

Read more

BUSINESS DAILY

$2.3bn for two million songs: Sony buys majority stake in EMI

Read more

EYE ON AFRICA

Burundi approves new constitution allowing president to extend time in power

Read more

THE DEBATE

Populist takeover: Italy approves unprecedented coalition

Read more

FOCUS

Young Nicaraguans lead protests against President Ortega

Read more

Brussels to discipline Ireland on deficit

Text by AFP

Latest update : 2008-11-03

As Ireland is expected to largely break the 3% deficit limit, the European Commission is to launch in the "coming weeks" a disciplinary action, though European Union forecasts show Irish public finances will continue to worsen.

The European Commission will launch disciplinary action against Ireland in the coming weeks for allowing a sharp deterioration in its public finances, EU Economic Affairs Commissioner Joaquin Almunia said on Monday.
  
"We will start the procedures to open an excessive deficit procedure with a recommendation to correct the deficit in the coming weeks," Almunia told journalists in Brussels.
  
Ireland, which has long run budget surpluses, will see its public finances swing deep into deficit this year with a shortfall equal to 5.5 percent of output, the European Commission estimated earlier Monday.
  
That would put the Irish public deficit well beyond a limit of 3.0 percent normally allowed in the European Union.
  
However, the commission forecast that the situation would only get worse, estimating that the difference between Ireland's spending and revenues would rise to 6.8 percent in 2009 and 7.2 percent in 2010.

Date created : 2008-11-03

COMMENT(S)