EU to Remove Bulgaria, Germany from Deficit Blacklist

European Commission President Jose Manuel Barroso gives a news conference on recommendations for budgetary measures and economic reforms, at EU Commission headquarters in Brussels, Belgium 30 May 2012. EPA/BGNES

The European Commission has recommended the removal of Bulgaria from the list of countries facing sanctions, as it has succeeded in bringing down its deficit below the 3% limit.

Germany  has also done enough to bring its deficit back in line with EU requirements. Bulgaria reduced its shortfall to 2.1% of GDP in 2011, while Germany cut it to 1.0%.

European Commission President Jose Manuel Barroso has declared that both countries should be removed from the EU's so-called excessive deficit procedure, which is designed to force member states to trim their deficits down to 3% of GDP, DPA informs.

EU's finance ministers will have to approve the move.

If the recommendation is endorsed in June, a total of 21 of EU's 27 member states will be left under deficit proceedings.

Estonia, Finland, Luxembourg and Sweden are the only other countries that have avoided the excessive deficit procedure.

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