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EU to lift Excessive Deficit Procedure for Malta

The European Commission has recommended the lifing of the Excessive Deficit Procedure against Malta, in retrospect of the Island's consistent path towards lowering its budget deficit.

The decision was made in view of the fact that the Maltese deficit has dropped below the Maastricht criteria of 3% of the GDP over the previous year, at 2.6%,  and the projected outlook for 2012-2013 and 2013-2014 is 2.9% and 2.2% respectively.

Further information is available from the Times of Malta report.

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