Belgium will receive seven years from Europe to remediate the budget

The verdict of the European Commission has been in the air for a while, but is of great importance for Arizona. Europe had to decide whether Belgium would have four or seven years to remediate the budget. The De Wever government had been taking into account seven years when working out its budgetary plans. Still being given a four -year process would soon mean that our country had to look for a few billions of euros more. That can now be more gradual.

Unatable

The message – which was linked to the necessary reforms that our country had to carry out – comes together with the approval of the Belgian multi -year plan that Minister of Budget Vincent van Peteghem (CD&V) submitted in March. This assumes that the deficit against the end of the reign in 2029 drops to 3 percent of GDP, the ceiling that imposes Europe.

Both Prime Minister Bart De Wever (N-VA) and Deputy Prime Minister Frank Vandenbroucke (Vooruit), however, already said that that objective may be unattainable. The extra expenses for defense, a slower economic growth, the uncertainty about the implementation of the planned reforms and the payback effects that Arizona is counting on ensure that the budget may not stay on course.

Credible and necessary

But Europe does not focus so much on the shortage of the budget, but on the expenditure. In order to get from the European criminal bench – where Belgium is on with another series of other countries – our country is given a route where it should not spend more than Europe says. For next year and 2027 this is 2.5 percent, for the two following years that is 2.1 percent.

Budget Minister Van Peteghem responds particularly satisfied to the European decision. « The European Commission acknowledges that the planned reforms are credible, necessary and realistic. It is now up to us to convert these measures into policy quickly and efficiently. It is important that each measure achieves the bar of the agreed reform and budgetary yield. »