The European Commission has adopted 27 sets of country-specific recommendations – plus one for the euro area as a whole – to help member states gear up their economic and social policies to deliver on growth, jobs and public finances.

In its recommendations to Cyprus, the Commission said that Cyprus should take action within the period 2011-2012 to adopt the necessary measures of a permanent nature to achieve the correction of the excessive deficit by 2012 and take measures to keep tight control over expenditure and make use of any better-than-expected budgetary developments for faster deficit and debt reduction.

Cyprus is advised to ensure progress towards the Medium Term Objective by at least 0.5% of GDP annually, accelerate the phasing-in of an enforceable multiannual budgetary framework with a binding statutory basis and corrective mechanisms, as from the preparation of the 2012 Budget, as well as Programme and Performance

Leave a Reply