The European Commission has launched the excessive deficit procedure against six countries, among which France, Ireland and Spain, AFP informs. Romania is not among the targeted countries even though it has a budgetary deficit of 5.2% of GDP for 2008.
For the rest of the countries the Commission will make use of the rules in the Growth and Stability Pact when analyzing the next steps to be taken within the excessive deficit procedure, Economic and Monetary European Commissioner, Joaquin Almunia declared, quoted by Reuters.
The procedure is launched when the budgetary deficit of a state exceeds the 3% of GDP limit.
