Thursday 26 January 2023

The Netherlands told to cut budget deficit to monetary union limits

The Netherlands has been told by the EU’s finance chief in Brussels to reduce its budget deficit to below 3% next year, Nos television reported on Thursday.

EU commissioner Olli Rehn wants the deficit cut in line with monetary union rules, despite the economic situation, the broadcaster states. Rehn stressed he did not think this would be difficult for the Netherlands to achieve because the country has a strong tradition of sustainable government finances.
On Wednesday, the Telegraaf reported the government is looking at a new round of spending cuts which could add up to as much as €15bn. Civil servants are currently examining the options, the paper said.
On Thursday ministers brushed off calls from opposition parties for a debate on new cutbacks. Ministers are keeping quiet until the CPB macro-economic policy unit publishes its latest forecasts on March 20.

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