- Category: News
- Created on Thursday, 19 January 2012 17:27
- Written by Amsterdam Herald
The extra savings, which come on top of the planned €18 billion between now and 2015, were announced in December, but the role of Brussels in setting a tighter deadline only emerged this week.
The measure was imposed after figures showed the recession was deepening and accelerating despite the government’s efforts to rein in public spending.
The Netherlands’ budget deficit is expected to rise to 3.7 per cent in 2013, more than double the government’s original forecast of 1.8 per cent.
That figure is viewed as “excessive” by Brussels, which secured an agreement from The Hague in 2009 to bring the deficit back below 3 per cent by next year.
“It is essential that member states keep their promises if we want to overcome the current debt crisis,” said a spokesman for European finance commissioner Oli Rehn.
The Dutch finance ministry is also upset with the Netherlands Bureau for Economic Planning Analysis (Centraal Planbureau/CPB) for not mentioning the Brussels deadline in its December report.
The agency urged the cabinet not to rush in to further cuts that might hold back economic growth.