Belgium should have submitted a budget plan to the European Commission some time ago. However, the outgoing federal government and Belgium’s ambassador to the EU Peter Moors have asked the European Commission for more time.
A letter to the outgoing federal government that will be sent by the head of the European Commission’s Finace Department (Ecfin) Maarten Verwey this week states that Belgium will be given extra time (until the end of April), but it must get its house in order regarding reforms.
As there are numerous technical and practical hurdles before the budget plan can be submitted, in reality the deadline is much earlier than the end of April. This will serve to increase the pressure on those currently involved in the federal coalition talks.
If Belgium meets the deadline, it will be able to spread the package of reforms over 7 yerars. However, if this is not the case the package of cuts and savings needed to reduce the budget deficit and public debt will have to have been completerd withing 4 years. Fines and other santions might follow if all deadlines are not met.