The EU has started disciplinary proceedings against seven member states, including France and Italy, over their accumulation of debt. Brussels had suspended debt regulations to help countries cope with COVID-19.
The Commission said it was satisfied that “the opening of a deficit-based excessive deficit procedure is warranted” in the case of seven countries.
The EU suspended debt and deficit regulations to help countries cope with the economic fallout of the COVID-19 pandemic and Russia’s invasion of Ukraine.
The rules are now back in place and now any EU country going over debt and deficit limits run the risk of legal action.
According to the reformed rules, an EU member state’s debt may not exceed 60% of gross domestic product (GDP).
According to the commission’s economic forecast, France is at -5.5%, Italy is at -4.4% and Belgium is at -4.4% and will breach this deficit limit in 2024.
Austria, Finland, Estonia, Hungary, Malta, Poland, Romania, and Slovakia also have deficits that are too high according to the rules.
The original article contains 237 words, the summary contains 133 words. Saved 44%. I’m a bot and I’m open source!
This is the best summary I could come up with:
The Commission said it was satisfied that “the opening of a deficit-based excessive deficit procedure is warranted” in the case of seven countries.
The EU suspended debt and deficit regulations to help countries cope with the economic fallout of the COVID-19 pandemic and Russia’s invasion of Ukraine.
The rules are now back in place and now any EU country going over debt and deficit limits run the risk of legal action.
According to the reformed rules, an EU member state’s debt may not exceed 60% of gross domestic product (GDP).
According to the commission’s economic forecast, France is at -5.5%, Italy is at -4.4% and Belgium is at -4.4% and will breach this deficit limit in 2024.
Austria, Finland, Estonia, Hungary, Malta, Poland, Romania, and Slovakia also have deficits that are too high according to the rules.
The original article contains 237 words, the summary contains 133 words. Saved 44%. I’m a bot and I’m open source!