It’s done: Portugal is finally leaving the Excessive Deficit Procedure after 2,784 days
The European Commission recommended this Monday that Portugal leaves the corrective arm of the Excessive Deficit Procedure. Credit goes to "the Portuguese", stated Valdis Dombrovskis.
After 2,784 days, Portugal is leaving the Excessive Deficit Procedure. The decision was disclosed this Monday by the European Commission. The country’s public finance will no longer be under Brussels’ strong surveillance; Portugal will have some flexibility in terms of fiscal rules and it is now free from the threat of more sanctions for not decreasing the deficit.
“This is an important day for Portugal. We recommend the termination of the Excessive Deficit Procedure for Portugal and we hope the Member-states support our recommendation“, highlighted Valdis Dombrovskis, EC’s vice-president.
The commissioner gave credit to the Portuguese for this exit: “The Portuguese people are, first and foremost, those responsible for today’s decision”.
