On 29 November 1999, the Ecofin Council abrogated its decision that an excessive deficit existed in Greece; indeed, the general government deficit reached 2.5% of GDP in 1998, well below the Treaty reference value. In 1999, the general government deficit was further reduced to 1.5% of GDP, below the projection of the 1999 budget.
Last but not least, we must incorporate the lessons learnt from the recent crises, as well as the need to respond to new challenges, so that our strategy becomes as effective as possible both now and in the future.