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EU Initiates Deficit Procedure Against Austria: Finance Minister Marterbauer Remains Confident
The European Union has officially initiated an excessive deficit procedure against Austria. This step, based on a recommendation by the European Commission, was decided at a meeting of EU finance ministers in Brussels. The reason for the procedure is that Austria's budget deficit, at 4.7 percent of GDP last year and a planned 4.5 percent this year, is significantly above the 3 percent limit set in the Maastricht criteria.
Despite the EU deficit procedure that has been initiated, Finance Minister Marterbauer remains optimistic. / Picture: © BKA/Brauneis
Austrian Finance Minister Markus Marterbauer (SPÖ) remained optimistic despite the initiation of proceedings, as reported by "DerStandard" in a video report, emphasizing that all decisions concerning the budget “are made in Austria and not in Brussels.” He does…
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