Friendly Kids In The Backyard: Central Bank - Latvia broke EU budget gap limit in 08

Reading a story at Reuters:

RIGA, Jan 8 (Reuters) - Latvia's budget deficit last year was higher than the 3 percent of gross domestic product (GDP) allowed under EU rules, the central bank said on Thursday, rejecting Finance Ministry calculations of a gap of 2.7 percent.

...

The central bank said its 2008 deficit figures were based on the methodology used under the EU's Maastricht criteria and called on the government to start using these calculations.

"According to the methodology used to calculate the euro entry criteria, the 2008 budget deficit will be between 3 and 3.5 percent of GDP, that is, above the allowed limit," it said in a statement.

It said Latvia's main hurdle to being ready for the euro by 2012 would be the budget deficit, rather than inflation, which is falling after the economy went into recession.

"The date of 2012 given in the economic stabilisation plan to move to the euro is achievable if all financial decisions are henceforth taken in light of the euro context," the bank added.

Latvia expects an economic slump of 5 percent this year and a rise in the budget deficit to 4.9 percent of GDP.

Me Fool! I thought they have common targets and playing in one team.
Well, cool down! What one should expect assuming the leadership ..?