EU finance ministers have given the European Commission the green light to pursue potential sanctions against Portugal and Spain for failing to meet the bloc’s budgetary rules.
The ministers made the decision today after scrutinizing an assessment by the Commission, which concluded that the Iberian countries had failed to take “effective action” to correct their budget deficits last year.
EU member countries must keep their budget deficits below 3 percent of economic output, as set out by the so-called Stability and Growth Pact.
Spain and Portugal’s deficits hit 5.1 percent and 4.4 percent, respectively, last year.
The Commission will now have 20 days to …read more
Source: European Voice
