The EU has suspended proceedings against Malta for excessive deficit after the country permanently pushed the deficit below three percent of GDP. Brussels sends a clear signal to other countries.
The European Union (EU) has stopped the proceedings it conducted against Malta due to an excessively high state budget deficit. The finance ministers of the member states agreed on this at a meeting in Luxembourg on Friday. The cancellation of the proceedings is justified as Malta has successfully and permanently pushed its budget deficit below 3% of gross domestic product (GDP), the ministers said in a statement. TASR informs about it based on the report of the APA agency.
The proceedings, which have been conducted against the southern European country since 2024, were previously proposed to be terminated by the European Commission. Among other things, the EU’s Stability and Growth Pact obliges member states to keep their public debts below 60% of GDP. At the same time, budget deficits must not exceed 3% of GDP.
Austria, Belgium, Finland, France, Hungary, Italy, Poland, Romania and Slovakia are currently in the excessive deficit procedure. The initiation of proceedings against Bulgaria is currently under discussion.
