Nicosia exits excessive imbalance process

Ten years after the outbreak of the financial crisis it suffered, with the bank bail-in, the Republic of Cyprus has finally exited the excessive imbalances procedure (EIP) of the European Commission, on the basis of the European Union documents that were issued under the spring package of the 2023 European Semester on Wednesday in Brussels.

European Commission recommends closing Excessive Deficit Procedure for Greece

The European Commissioner for Economic and Financial Affairs, Taxation and Customs Pierre Moscovici stated that the Greek people had made enormous sacrifices which should not be lost. “This is a particularly symbolic moment for Greece. After so many years of sacrifices for the Greek people, the country finally reaps the fruit of its efforts”, he said.

The official statement:

Commission Tightens Economic Monitoring of Croatia

The European Commission on Wednesday said it plans to introduce strict economic monitoring on Croatia, alarmed by the imbalanced state of the economy.

Stressing that the situation calls for "decisive political action and special monitoring", the Commission said a subsequent decision on activating Excessive Imbalance Procedures, known as EIP, will be made known in May.