Press Release: Economic and Financial Affairs Council, Luxembourg, 21 June 2013

Main results of the Council:

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.

• Primary Source

ESO: Background information: Council extends maturities of EFSM loans to Ireland, Portugal http://www.europeansources.info/record/press-release-council-extends-maturities-of-efsm-loans-to-ireland-portugal/

ESO: Background information: Excessive deficit procedure: Council extends deadlines for Spain, France, etherlands, Poland, Portugal and Slovenia http://www.europeansources.info/record/press-release-excessive-deficit-procedure-council-extends-deadlines-for-spain-france-netherlands-poland-portugal-and-slovenia/

ESO: Background information: Council closes excessive deficit procedures for Italy, Latvia, Lithuania, Hungary and Romania http://www.europeansources.info/record/press-release-council-closes-excessive-deficit-procedures-for-italy-latvia-lithuania-hungary-and-romania/

ESO: Background information: Council reopens excessive deficit procedure for Malta http://www.europeansources.info/record/press-release-council-reopens-excessive-deficit-procedure-for-malta/

ESO: Background information: Council agrees measures to combat VAT fraud http://www.europeansources.info/record/press-release-council-agrees-measures-to-combat-vat-fraud/

ESO: Background information: Euro area countries recommend Latvia euro accession http://www.europeansources.info/record/press-release-euro-area-countries-recommend-latvia-euro-accession/

ESO: Background information: Council steps up excessive deficit procedure for Belgium http://www.europeansources.info/record/press-release-council-steps-up-excessive-deficit-procedure-for-belgium/

ESO: Background information: Country-specific recommendations on economic and fiscal policies http://www.europeansources.info/record/press-release-country-specific-recommendations-on-economic-and-fiscal-policies/

ESO: Background information: Preparation of Economic and Finance Ministers Council, Luxembourg, 21 June http://www.europeansources.info/record/memo-preparation-of-economic-and-finance-ministers-council-luxembourg-21-june/

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