Brussels says 2014 Budget lacks details, invites Malta to 'address risks'

The European Commission expressed its concerns about Malta’s budget for 2014, stating that the plan presented by Malta lacked details. The Commission invited Malta to “take the necessary measures within the national budgetary process to ensure that the 2014 Budget will be fully compliant with the Stability and Growth Pact, notably to address the risks identified by the Commission in its assessment of the Draft Budgetary Plan". It also invited the country to accelerate the progress towards implementation of the fiscal recommendations under the European semester. After analysing the Budget plans sent by the Finance Ministry, the Commission concluded there wasa risk that the Draft Budgetary Plan for 2014 would not fulfil the requirements in the Excessive Deficit Procedure initiated against Malta earlier this year. “Plans presented by Malta do not specify in detail the measures that underpin the revenue and expenditure targets for 2014", it said. The European Commission's opinion in full can be read here. Read the Finance Minister's comments here.