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No more fooling Eurostat with fluffy financial data
Following this year’s most unpleasant (and costly) discovery of the true financial situation in which Greece found itself, member states decided to put an end to the lack of financial disclosure by increasing the powers of Eurostat in verifying whether data submitted by a member state is reliable, complete and consistent, in the case of excessive deficits.
The General Affairs Council therefore adopted on 26 July a Regulation strengthening the rules concerning statistical data used under the EU’s excessive deficit procedure. This Regulation updates Regulation 479/2009.
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