16th December marks Credit Day across Europe. This is the day that, on average, EU Member State governments have exhausted their annual tax income and start to spend borrowed money. This year, EU Credit Day will come 4 days later than last year, and 10 days later than in 2017, a significant improvement.
Eleven Member States have managed to achieve a surplus this year with Ireland, Luxembourg, Slovenia, and Bulgaria joining the group. Cyprus has dramatically changed its Credit Day from January 9th the following year to October 26th. Despite outliers like Cyprus, Romania, and France we see an overall improvement on budget control as 25 of the 28 member states have delayed their Credit Day to December or January next year.