Almost two weeks after the deadline has passed, the European Commission is still waiting for the draft budget for next year from Belgium, France, Spain, and Croatia.
Four EU countries missed the budget deadline. Photo: BTA
Since the euro crisis, all eurozone countries must submit their draft budget for the coming year to the European Commission by October 15. By November 30 at the latest, the Commission then gives its opinion on the budget plans. In case of serious deviations, it can demand changes.
This year, four countries missed the deadline. In France, Prime Minister Sébastien Lecornu is still looking for a majority in parliament that wants to approve a budget. In Spain, it is also not evident to find a parliamentary majority now that the Catalan party of Carles Puigdemont has withdrawn its support for the government. Croatia, on the other hand, took its time to complete a budget review for 2025 before starting on the budget for 2026.
In Belgium, Prime Minister Bart De Wever has set the deadline for a budget agreement on November 6. He aims for an effort of 10 billion euros by the end of the legislature in 2029. This should reassure the Commission that the excessive budget deficit is being addressed. Like France, Belgium is under increased European supervision due to its too high deficit.
10 billion euros amounts to an effort of 1.5 percent of the gross domestic product, which would reduce the budget deficit in the current circumstances to 4 percent of GDP by 2029. Any windfalls in terms of recovery effects could further reduce this, bringing the government closer to what has been agreed with the Commission by the end of the legislature. The goal remains to aim for 3 percent in 2030.
