BERLIN, Dec. 11 (Xinhuanet) -- EU Economic Commissioner Joaquin Almunia has decided to accept Germany's plan to bring its deficit back on track, a report said on Saturday.

    According to the latest issue of German newsmagazine Der Spiegel, Almunia has told German Finance Minister Hans Eichel that Germany's proposals will manage to bring the deficit back to the limit set by the Stability and Growth Pact.

    According to the pact, euro zone countries are obliged to keep their deficit below 3 percent of gross domestic product.

    Germany has failed to do so for three years in a row. Should Germany not manage to bring its finances in order next year, it could face billions of euros in penalties. Enditem