Press Release: Commission sees Germany and France on track to correct their excessive budget deficit in 2005

Based on an assessment of the budgetary situation of France and Germany showing that the two countries were on track to bring their budget deficits to or below 3% of GDP in 2005, the European Commission concluded on 14 December 2004 that no further steps were necessary at that point under the excessive deficit procedure. However, the Commission was set to stay vigilant as the budgetary situation in the two countries remains vulnerable. The assessment took into account the July 2004 judgement of the Court annulling the November 2003 Council conclusions on Germany and France.

European Commission: COM (2004)813 final http://ec.europa.eu/comm/economy_finance/about/activities/sgp/edp/com_com_2004_en.pdf

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