EU has decided after an audit off the budget deficits that thirteen members of the EU have to
take action in order to get their deficits back on track.
EU has set-up some requirements in which the deficit may fluctuate.
One of those is a maximum deficit of 3 percent to the country’s GDP (Gross Domestic Product) of which the deadline range from 2012 and 2014.
Belgium and Italy are getting a tough deadline to obtain, namely 2012, as were Germany and six other countries in 2013.
“Bite the bullet”. In due of financial crises several countries are suffering with a large deficit.
Also Greece, whose is suffering from a lot of critics. The EU’s economy commissioner stated that the country had taken “no effective action”.
Conclusion: Each country suffers from the financial crises in their yearly budget but in order to keep each country financial structure “alive”, they have to cut costs or rise taxes.
As a country you have to make the hard decision. Do you want to invest in the future but with the disadvantage to rise up the taxes in order to keep the budget in balance or do nothing? I think the choice is easy. On a long-term view, as a country, you have to invest to update the infrastructure, green projects,….
source: http://news.bbc.co.uk/2/hi/business/8354438.stm
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