Austrian Minister of Finance Hans Joerg Schelling on Friday assured the European Commission that his country will realize zero structural deficit for 2016.
In a written statement to the commission, Schelling also said he will engage in "intensive discussions" with his colleagues on further measures for 2015, in which the deficit is expected to be 1 percent of GDP.
There will be strict enforcement going forward, and there can be "no more deviations from the agreed budget," he told reporters.
The targets are achievable, "if we consolidate more intensively than we have previously considered," he said, adding that he wants to work toward the zero structural deficit target "with full force."
Schelling said he is committed to complying with the Stability and Growth Pact, a ruled-based framework for the coordination of national fiscal policies in the European Union, and does not expect a new excessive deficit procedure.