Scicluna welcomes Brussels’ monitoring of countries’ budget plans

A joint decision by EU finance ministers has endorsed a code of conduct that will afford enhanced monitoring and assessment of draft budgetary plans for all members of the eurozone.

Finance minister Edward Scicluna welcomed the council's decision not to object to the Commission's decision on the reporting obligations of member states subject to an excessive deficit procedure.

"Both decisions are fully in line with this government's commitment to attentive and accountable budgetary and spending monitoring and greater fiscal morality," Scicluna said.

"As a country, we have already stepped up budgetary and spending monitoring through the establishment of a Spending Review Unit which is addressing waste and maximising budgetary allocations. This will allow the government to adhere to its budgetary allocations and eliminate the risks of future fiscal slippage."

Scicluna said that government is still pledging to end 2013 with a deficit below the 3% of GDP threshold for eurozone members.

Regulation (EU) No 473/2013 provides for common rules for the scrutiny of eurozone countries' draft budgets, especially for member states with deficits higher than 3% and subject to an excessive deficit procedure, to ensure early correction of any deviations from Council recommendations.