European Commission: There are the conditions for a recovery in the Eurozone

European Commission: There are the conditions for a recovery in the Eurozone
The improvement of the fiscal situation of the states of the Eurozone has created the conditions for economic recovery but risks remain, emphasized Vice President of the European Commission, Valdis Dombrovskis, and the Commissioner for Economic Affairs Pierre Moskovisi in Brussels.
Messrs Ntomprovskis and Moskovisi presented the Commission's view on the draft budgetary plan (QMS) Member of the euro area Member States for 2016.
It is noted that Greece and Cyprus have not submitted QMS since they are subject to economic adjustment programs.
Portugal, due to post-election developments, also not submitted a draft within the time limit set by the European legislation with the European Commission to urge Portugal to do so as soon as possible.
In these opinions, the Commission shall evaluate whether they conform the budgetary plans for the coming year with the provisions of the Stability and Growth Pact (SGP).
In general, the Commission notes that "not particularly revealed serious cases of non-compliance in any of the budgetary plans for 2016".