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Brussels – The European Commission announced on Tuesday its evaluation of the medium-term plans and draft budgets of the EU member states. Since Belgium has not yet submitted either document to the Commission due to the ongoing government formation, the assessment of the Belgian figures is temporarily postponed. The deadline is (provisionally) set at the end of December. Despite this, the Commission has outlined a budgetary path, but it is provisional.
Since last summer, Belgium has been in what is known as an excessive deficit procedure (the ‘penalty box’), the Commission proposed a consolidation path for our country. An unsustainable budget deficit requires a strong budgetary effort to turn the tide, according to the Commission. Due to the absence of a medium-term plan, it must assume unchanged policies.
The Commission wants to limit the annual net expenditure growth of the Belgian budget to 2.4 percent in 2025, 1.9 percent in 2026, and 2.0 percent in 2027, which should bring the budget deficit back to less than 3 percent of GDP. This is stricter than the reference path it proposed in June.
As is known, Belgium has not yet budgeted for 2025. The Commission now says it has been granted an extension until December 31 to submit both the budget and the multiannual plan. Then, by April 30, it must demonstrate that policy measures are being taken to consolidate the budget.
When asked what happens if the end of December deadline is missed, there is “no speculation” in the Berlaymont building.
26/11/2024
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