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Thu, 27 Oct, 2016 12:09:39 AM
FTimes – STT Report, Oct 27
Finance Minister Petteri Orpo. File Photo Lehtikuva.
The European Commission has requested further information on Finland’s draft budgetary plan for 2017, said the government on Wednesday in a statement.
The EC sent a letter on the matter to Finance Minister Petteri Orpo.
The Ministry of Finance will provide an official reply to the Commission’s letter on October 27 Thursday.
The risk is for Finland not to meet EU economic regulation next year and, as a result, fall under tighter control. If needed, the EU Commission may request Finland to rectify its budget plan.
According to Orpo, the EU Commission’s request for further information is the "final wakeup call," and that matter is being taken seriously.
Draft budgetary plans (DBPs) are part of the European Union’s coordinated surveillance exercise. The DBP should allow identification of any deviations from the general government financial strategy presented in the most recent Stability Programme.
Finland’s draft budgetary plan is based on the government’s draft budget, the programme for local government finances, and this year’s supplementary budgets.
Further information on budgetary plans is required from other Euro zone countries, such as Spain, Portugal, and Italy, among others.
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