The European Commission has concluded that the Czech Republic, along
with Cyprus, Malta, Poland and Slovakia, are on track for correcting
their excessive deficits. In July, the European Council recommended
they take effective action to control their budget deficits. The
Economic and Monetary Affairs Commissioner Joaquin Almunia, said on
Wednesday, he was pleased to see the recommendations taken seriously,
adding that they are appropriate for periods of high growth such as
those experienced by the EU states in question.
Taking into account the initial level of the deficit and the ongoing
structural shift related to the convergence process, the Council
recommended that the excessive deficit be corrected by 2008 in the
Czech Republic.