Poland to apply for removing excessive deficit procedure

Poland's Ministry of Finance will turn to the European Commission to remove the excessive deficit procedure (the corrective arm of the Stability and Growth Pact) in 2015, Puls Biznesu daily reported citing anonymous sources. The excessive deficit procedure (EDP) is imposed on every member state whose deficit exceeds 3 percent of its GDP or the public debt is bigger than 60 percent of GDP. According to the data by GUS, Poland's general gov't deficit stood at 3.2% of GDP and the public debt amo8unted to 50.1% of GDP in 2014. Ministry estimates that Polish general government deficit will amount to 2.7 percent of GDP, minister Mateusz Szczurek informed. Hence, the government decided to apply to the EC for such solutions. Removing such procedures from Poland may result with lowering VAT in shorter perspective or improving Poland's ratings, the daily pointed out.