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Brussels, 27 November 2011

Statement by Vice President Olli Rehn

"I welcome the agreement presented today by Mr Elio Di Rupo on the measures to underpin the Belgian federal budget with the aim of bringing the general government deficit to 2.8% of GDP in 2012, as recommended by the EU Council, and of paving the way for further consolidation in 2013 and 2014.

Mr Di Rupo's announcement that the budget law should be worked out very soon is equally important, as it should provide for a swift and full assessment by the European Commission under the excessive deficit procedure.

We also take note of the structural reforms announced, especially those intended to restore fiscal discipline and enhance competitiveness, whilst preserving social fairness. These will be assessed in due time against the EU's Country Specific Recommendations, in the context of the European Semester."

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