EU Members With Low Foreign Debt May Exceed Structural Deficit Limit

Romania's Minister of European Affairs, Leonard Orban, said Tuesday that a suggestion was made in the negotiations on the future inter-government treaty, whereby states with foreign debt below the limit imposed by the EU could be allowed to run a higher structural deficit.

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This suggestion is supported by Romania, said Orban.

According to the minister, a member state with foreign debt much lower than 60% of the GDP (as set in the convergence criteria), for instance below 40%, may be allowed to increase its structural deficit from 0.5 to 1%.

Orban pointed out that negotiations are ongoing. The aim is to hold a meeting of the EU's finance ministers on January 23, one between the heads of state and of government in the European Council meeting of January 30, and sign the treaty or agreement no later than March 1, he said.

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