EU to ask for new measures for deficit cuts starting from 2011
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EU to ask for new measures for deficit cuts starting from 2011
The European Commission recommends the introduction of a set of significant measures that help public finances recovery starting with 2011, according to a report cited by AFP. EC warns about the debts that can reach a record level in 2020, especially in Ireland and Great Britain if new measures won’t be enacted.
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The report, which is to be discussed in October by UE finance ministers, shows EC warns member countries that starting from 2011 a general fiscal consolidation is a must.
Otherwise, in the absence of some measures, the level of debts would rise progressively by 100 % of the GDP in 2016 within the euro currency zone and the European Union.
By 2020, money deficit could reach 115 % in euro zone and 120 % in the EU.
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