The European Commission has decided to abrogate the excessive deficit procedure for Cyprus, one year ahead of the actual deadline.
Specifically the Commission recommends to the Council to close the Excessive Deficit Procedure (EDP) for Cyprus, Ireland and Slovenia as these countries have brought their deficits below the 3% of GDP Treaty reference value in 2015 and the correction is expected to be durable.
This means their deficits are forecast to remain below 3% of GDP in 2016 and 2017.
For Cyprus, this would mean an exit one year ahead of the 2016 deadline.
If the Council so decides, this would reduce the total number of Member States in EDP to six (Croatia, France, Greece, Portugal, Spain and UK), down from 24 Member States in EDP in spring 2011.