Procedures of Excessive Deficit

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EU changes deficit deadlines approach

Eurozone countries are under an obligation to reduce their deficits to below 3% of GDP by this year. Failing could mean to be fined up to 0.2% of GDP. But the Commission seems to have eased its austerity-led policies in order to boost growth. “It may be reasonable to extend the deadline by two years and to correct the excessive deficit by 2015 at the latest,” European commissioner for economic and monetary affairs and the euro Olli Rehn has said.