Austria offers an ambitious budget plan to the European Commission to reduce the budget deficit

Vienna on July 13 / WAM / Peta Mainel Risenger, Austria’s Foreign Minister, confirmed that her country’s government provided the European Commission a “very ambitious budget plan” to address the budget deficit and reduce the size of public debt.

“We are going to correct the situation.”

Austrian President Alexander van der Beilin reassured his citizens after announcing the start of European measures regarding the excessive budget deficit against Austria and said: “I do not see a justification for panic.”

These statements are the first reaction to the approval of the Economic and Financial Affairs Council of the European Union to start the procedures for the excessive budget deficit against Austria, due to its rise in a way that exceeded the maximum set for the member states of the European Union by 3%, from the gross domestic product, and granting Austria a final deadline until October 15 to take the necessary measures and provide the necessary measures.

The reason for the European decision -making in this regard is due to the increase in Austria’s budget deficit to 4.7%, from the gross domestic product in the past year, and expected to register 4.5%in the current year, and estimate the value of the budget deficit for the next year by about 4.2%, with estimates of the total debt of Austria to 84.7%of the gross domestic product this year, exceeding the maximum set in Europe by 60%.

For his part, Marcus Martarbauer, Austria Finance Minister, announced that important measures have already been taken to control the budget and restore the level of debt under control, and explained that the European Commission agreed to the structural financial plan of Austria.

He said, “Austria is on the right path to reduce the deficit as planned,” stressing the government’s endeavor to get out of the European Union’s actions related to the deficit in 2028.

It is worth noting that many European Union countries are currently subject to excessive budget deficit procedures, most notably France, Italy, Belgium, Hungary, Malta, Poland and Slovakia, and Austria previously underwent excessive deficit procedures after the financial crisis in 2008.

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