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Business

Commission launches disciplinary action for excessive deficits

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Latest update : 2009-04-27

The European Commission has officially launched excessive deficit procedures against France, Greece, Ireland and Spain, whose finances have deteriorated due to the economic crisis and whose budget deficits have gone over an EU limit.

AFP - The European Union officially launched on Monday disciplinary action against France, Greece, Ireland and Spain for allowing their deficits to rise past an EU limit.

Under EU rules, the bloc's member countries are supposed to keep their budget shortfalls to less than three percent of gross domestic product (GDP) although they are allowed some leeway when the economy sours.

In a document adopted by foreign ministers in Luxembourg, EU countries urged the four countries and Britain, which is already subject to disciplinary action, to take measures to rein in their deficits by the end of October.

The text calls on Ireland to respect a 2013 deadline for bringing its deficit to less than three percent of GDP, France by 2012, Greece by 2010, Spain by 2012 and Britain by March 2014.

Date created : 2009-04-27

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