Stability and Growth Pact

In the recommendations, which are very similar to those issued last year, Slovenia is called to pursue its fiscal policy in line with the requirements of the preventive arm of the Stability and Growth Pact, "which translates into a substantial fiscal effort for 2018".

Cyprus and five other countries are at risk of breaking European Union budget discipline rules with their 2017 draft budgets, the European Commission said in a statement on Wednesday.

The five other countries are Belgium, Finland, Italy, Lithuania and Slovenia.

European Commissioner for Economic and Financial Affairs Pierre Moscovici said on Tuesday that he was hoping for a deal on Greece that would include its debt and the participation of the International Monetary Fund (IMF) in the Greek program by the end of the year.

Aside from Slovenia, the Commission on Wednesday recommended to the Council of the EU to close the excessive deficit procedure also for Cyprus and Ireland. The deficits are forecast to remain below 3% of GDP in 2016 and 2017.

Eurogroup released a statement following the meeting of European finance ministers on Monday, November 23:

EU Economic, Financial Affairs, Taxation and Customs Commissioner Pierre Moscovici gave a press conference in Greece on Wednesday. “There remains a lot of work to be done.

Bulgaria is unlikely to be subject to an excessive deficit procedure for 2014, despite latest statistical data showing its budget deficit for that year was twice the maximum value prescribed by the EU.

Following the assessment of Bulgaria's 2015 National Reform Programme and Convergence Programme, the European Commission issued five country-specific recommendations on Wednesday.

As Bulgaria was currently experiencing excessive macroeconomic imbalances, decisive policy action and specific monitoring was required.

By EU Economic and Monetary Affairs Commissioner Pierre Moscovici

Global growth and world trade are expected to strengthen modestly, though at a slightly slower pace than envisaged in winter.

A second vote whether to update this year's state budget is scheduled for Wednesday.