EU places 6 new members under financial surveillance

The EU's executive commission has placed six of the newly admitted EU member states, including the Czech Republic, under increased financial surveillance because their public deficits currently exceed EU limits. However the commission said it would be benevolent and was according the six new members several years to bring their deficits in line with the provisions of the 1997 Stability and Growth Pact. The Pact requires members of the European Union to hold their annual deficits to less than three percent of output.