The European Commission on Wednesday urged the Czech Republic to avoid excessive budget expenditures in the coming years. The commission also set down the year 2013 as a benchmark for the Czech Republic to lower its budget deficit to three percent of the gross domestic product. The European Commission warned that if Prague fails to do so, it might face sanctions.
The Czech Finance Minister, Eduard Janota, said that the recommendation was an unambiguous message to Czech politicians to take fiscal issues seriously. This year, the state budget deficit is expected to reach some 163 billion crowns, which is about 5.3 percent of the country’s GDP.
Forgotten Czech net bag makes a comeback
Czechs and Germans in 1930s Czechoslovakia: a complex picture
Iconic Czech brands that survived competition from the West after the fall of communism
Škoda unveils 4th-generation Octavia ahead of model’s 60th anniversary
15 years later – was ending military service right move for Czech Republic?