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EUROPEAN COMMISSION: LITHUANIA HAS TAKEN EFFECTIVE ACTION

Updated 2010-01-29

On January 27 the European Commission assessed the action taken by Lithuania, Malta, Latvia and Hungary in response to recommendations proposed by the Commission and endorsed by the Council in July 2009 in respect to the correction of their respective budget deficits. The Commission concluded that effective action has been taken by the Government of Lithuania in response to the July recommendations.

However, in the opinion of the Commission, the contraction in Lithuania’s economic activity in 2009 turned out to be much deeper than projected last spring and the increase in last year's deficit was bigger than expected, in spite of significant consolidation measures. Therefore, the Commission recommends a revised deadline of 2012 for the correction of the excessive deficit, in line with the authorities' fiscal consolidation objectives and the stability benefits implicit in the anchoring of the economy to a medium-term euro entry prospect. The correction of the excessive deficit by the new deadline would represent an average annual fiscal effort of 2¼% of GDP between 2010 and 2012.

The Commission proposed to extend the deadline by one year to 2011 for the correction in the case of Malta as well. As to Hungary and Latvia, the Commission concluded that they had complied with the Council recommendations but they will need to pursue the efforts to bring their deficits below 3% by the agreed deadlines of respectively 2011 and 2012.

The Commission will assess whether Romania and Poland, the two other countries for which the Council adopted recommendations in July 2009, have taken effective action in the coming weeks.

2010 01 27 COMMISSIONER ALMUNIA COMMENDS LITHUANIAN AUTHORITIES AND PEOPLE

Following European Commission’s favourable appraisal of the measures taken by Lithuania to harness public finances and ensure their stability, and its recommendation to extend the deadline for the correction of the excessive deficit by one year to 2012, Member of the European Commission, responsible for Economic and Monetary Affairs Joaquín Almunia has offered his comments with respect to Lithuanian efforts to preserve financial stability and Government’s plans to continue its structural reforms.

"I commend the Lithuanian authorities and people for the remarkable efforts made during this global crisis to limit the deterioration in the budget deficit and to preserve macro-economic stability, which have included many difficult decisions. The government has adopted substantial consolidation measures during 2009, and in the 2010 budget, which have helped improve the economic outlook in Lithuania. However, since general economic conditions deteriorated more than expected in the spring, the Commission is proposing that the Council extends the existing deadline for correction of the excessive deficit in Lithuania by one year to 2012.

The budgetary effort needs to continue for some time, to ensure a stronger and more sustainable economy in the future. We also welcome the authorities\' plans to continue with the structural reforms necessary to strengthen and preserve competitiveness. I encourage Lithuania to continue on this path, which is already producing results in terms of increased investor and market confidence and which will bring Lithuania closer to meeting the conditions for introducing the euro within a reasonable timeframe\",– said Joaquín Almunia, European Economic and Monetary Affairs Commissioner.

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