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EU May Debate Spain Budget Targets at Summit Tomorrow

Source: Bloomberg - Wed 29th Feb 2012
EU May Debate Spain Budget Targets at Summit Tomorrow

The EU may discuss adapting budget-deficit targets to take into account revised growth forecasts at a summit this week, According to Competition Commissioner Joaquin Almunia.

"There is an in-depth debate: is it logical to maintain targets as if nothing had happened?" Almunia told reporters in Madrid today. "That is a political discussion that may start tomorrow in the European Council and I think it is better to have this discussion with as much data as possible on the table."

European leaders are due to gather in Brussels for a two- day summit starting tomorrow. Almunia said no decision can be taken regarding Spain yet as the commission hasn't yet received the information it needs.

Economy Minister Luis de Guindos will explain Spain's budget policy to the group of euro-area finance ministers before the summit tomorrow as the nation pushes for the EU to review stability programs to take into account recession forecasts. Spain missed its 2011 target for a deficit of 6% of GDP after growth slumped.

De Guindos will seek to convince EU leaders by outlining the steps the government, in power since December, plans this year to meet its budget commitments, said a spokeswoman for the ministry, who declined to be named in line with government policy.

Rajoy's government will present its growth forecast and spending plan for 2012 on March 2.

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