Belgium among four Eurozone countries that missed budget deadline
Almost two weeks after the deadline passed, the European Commission is still waiting for Belgium’s draft budget for next year. France, Spain and Croatia have also yet to submit their plans.
Since the euro crisis, all eurozone countries have been required to submit their draft budgets for the following year to the European Commission by 15 October. The Commission then issues its assessment by 30 November and can demand amendments in the event of serious deviations.
Political challenges across member states
This year, four member states failed to meet the deadline. In France, prime minister Sébastien Lecornu is still struggling to secure a parliamentary majority to pass a budget. In Spain, the government faces similar challenges after Carles Puigdemont’s Catalan party withdrew its support. Croatia, meanwhile, delayed submission to complete a budget review for 2025 before beginning work on its 2026 plan.
In Belgium, prime minister Bart De Wever has set 6 November as the deadline for reaching a budget agreement. He aims to achieve 10 billion euros in fiscal effort by the end of the legislative term in 2029, a move intended to reassure the Commission that the country’s excessive budget deficit will be addressed. Like France, Belgium is under enhanced European supervision due to its high deficit.
The 10 billion euro effort represents around 1.5 per cent of gross domestic product and would reduce the deficit to 4 per cent of GDP by 2029 under current projections. Any additional gains from recoupment effects could narrow the gap further, bringing Belgium closer to its agreed target with the Commission. The ultimate goal remains a deficit of 3 per cent by 2030.
© PHOTO BELPRESS
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