Belgium makes biggest effort in all of Europe to reduce public deficit in 2015

The European Commission has published its winter Economic Forecast and analysed the 2015 Belgian budget in this regard. It identified structural improvements amounting to 0.7% of the gross national product (GNP), precisely what the government had predicted from the outset. The budget deficit should come out at 2.6% of GNP, instead of the 2.8% estimated in November. “Well under the threshold of 3%” notes Minister of Finance Johan Van Overtveldt (N-VA).

“This government is doing what it promised to do and is making the biggest effort among all EU Member States to improve its structural balance” states Van Overtveldt. “According to forecasts, the reorganisation of public finances and the reforms implemented by this government are right on target. As such, it goes without saying that the forecasts for 2015 and the coming years are good. This is encouragement to continue down the path of sustainable recovery.”

No guarantee
“However, given past results the forecasts do not ensure a good report from the European Commission in March” warns the minister. “Past and present determine the road toward the future here. The measures in the coalition agreement must be implemented with determination so as to stay on course and reach the final objective: a balanced budget.”