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Main results of the ECOFIN Council

EU News 299/2013

Council of the European Union
PR CO 34
Luxembourg, 21 June 2013

The Council approved country-specific recommendations to the member states on their economic and fiscal policies. The recommendations will be referred to the European Council, under this year's European Semester process, with a view to formal adoption in July.

The Council closed excessive deficit procedures for Italy, Latvia, Lithuania, Hungary and Romania, gave notice to Belgium on measures to correct its deficit, extended the deadlines for Spain, France, the Netherlands, Poland, Portugal and Slovenia to correct their deficits, and reopened an excessive deficit procedure for Malta.

It approved the extension of loan maturities for Ireland and Portugal, and agreed a package of measures to combat VAT fraud.

The Council also approved a proposal allowing Latvia to adopt the euro as its currency as from 1 January 2014. The proposal will be referred to the European Council before a final decision is taken in July.

Source and additional information:

ECOFIN Council, Photo Credit "The Council of the European Union" (C) EU, 2013 URL