"2014 Budget deficit higher than permitted by the EU”
The Francophone public broadcaster RTBF reports that Belgium ended 2014 with a budget deficit in excess of 3%. The RTBF report has been confirmed by government sources. Last year the Federal Government promised the European Commission that the budget deficit would remain under 3%.
Like other Eurozone countries Belgium has to adhere to budget deficit limitations imposed by the European Commission. Belgium’s failure to keep its promise will result in fines being imposed by the European Commission.
According to the figures in the RTBF report the 2014 budget deficit will be between 3.2% and 3.3% of GDP. The higher deficit is said to be due to the regional and language community governments not having stuck to the budgetary restraint guidelines that had been agreed.