THE EUROPEAN UNION has extended its list of member states who are on its excessive deficit watch list to include Bulgaria, Cyprus, Denmark and Finland. The countries listed will face an excessive deficit procedure if their budget shortfalls rise over 3% of output.

Only Luxembourg, Sweden and Estonia aren’t on the list. The decision was made at a meeting of all the finance ministers of the 27 EU member states in Brussels today. Although Bulgaria and Cyprus already breached the 3% limit in 2009, Bulgaria Denmark and Finland are expected to follow suit this year. All member states, bar Denmark and Cyprus, have to bring their deficits into line by mid-January of next year.

Earlier today, the finance ministers approved the entry of Estonia to the eurozone from the start of next year, making it the 17th country to use the single currency.

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Almost every EU member is on deficit watch

Making a difference

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