ECOFIN approves Cyprus’ fiscal adjustment programme

The Council said that Cyprus has taken all necessary measures within the deadlines set out by ECOFIN to achieve fiscal adjustment by 2012.

The Council shares the view of the Commission that on the basis of current information, Cyprus has undertaken action representing adequate progress in correcting its excessive deficit within the timeframe set by the Council.

For this reason, no further steps under the EU’s excessive deficit procedure are required at present, the Council noted.

According to the Council, Bulgaria, Denmark, Cyprus and Finland have been subject to excessive deficit procedures since July 2010, when the Council issued its recommendations.