Effective Actions

On 12 January 2011 the European Commission has applied for the first time the new rules of the strengthened Stability and Growth Pact (SGP), which are part of the so-called “six-pack” on economic governance, which entered into force on 13 December 2011. The European Commission announced that Cyprus, Belgium, Malta and Poland have taken effective action to keep their deadlines for the correction of their excessive deficits and that no further steps in the excessive deficit procedure are necessary for these four countries.