About: deficit
Poland lashes out against EU and Paris over French deficit
Poland on Friday (4 January) accused France of breaching European Union laws by exceeding spending limits, the latest in a series of long-running clashes between the two member states. Paris last month forecast a 2019 deficit of 3.2%, which would...
New Italian economy minister vows to stay in euro, cut debt level
Italy's new coalition government has no intention of leaving the euro and plans to focus on cutting debt levels, Economy Minister Giovanni Tria said on Sunday (10 June), looking to reassure nervous financial markets.
Commission levels up France on economic imbalances
The Commission highlights the progress of French competitiveness but also points out structural issues in the French economy. EURACTIV.fr reports.
End to austerity? Poll gamble exposes rift in Britain’s ruling party
An early election was meant to bind the Conservatives to Theresa May's agenda for at least five years, but instead it has badly shaken the governing party with ministers questioning its seven-year pursuit of austerity.
Italy greenlights plan to cut deficit by €3.4 bn
Italy's debt-burdened government approved a package of economic reforms Tuesday (11 April) designed to cut €3.4 billion from its deficit this year, Prime Minister Paolo Gentiloni said, following pressure from Brussels.
Commission to warn Italy over rising debt
The European Commission will warn Italy on Wednesday (22 February) it could face EU disciplinary action for not reducing its huge public debt as required by EU laws, unless Rome delivers on deficit cutting measures as promised, an EU official said.
Member states warn EU fiscal supervision ‘inadequate’
Rules to control national spending are “complex” and the current approach is “inadequate”, the chair of the EU Network of Independent Fiscal Institutions, José Luis Escrivá, said on Tuesday (31 January).
Italy ups spending on earthquake clean-up, despite Commission deficit request
The Italian government will start to increase spending on emergency funds this week to deal with the earthquakes that have struck the country, independent of a European Commission request to reduce its structural deficit. EURACTIV’s partner Milano Finanza reports.
French presidential hopeful says EU’s ‘3% public deficit dogma must end’
During a TV debate yesterday evening (25 January), both contenders for the Socialist ticket in the French Presidential election said they would loosen the country’s purse strings, with Benoît Hamon going a step further by promising to end the EU's “3% deficit dogma”. EURACTIV France reports.
European Fiscal Board chief: Commission’s analysis ‘made a bit too quickly’
The new European Fiscal Board began working just as the European Commission took the unprecedented step of proposing a fiscal target for the eurozone. The Board’s chief, Niels Thygesen told EURACTIV.com that the Commission should have done “more analysis” before proposing an expansionist stance.
Brexit slams brakes on British growth
Brexit will cause Britain's economic growth to slow sharply and blow a hole in government finances that will require it to borrow an extra £122 billion [€143 billion] over five years, a gloomy budget update revealed today (23 November).
Brussels makes timid fiscal push to reverse austerity, counter populist wave
The European Commission stepped up its efforts to leave austerity behind on Wednesday (16 November) by advocating for the first time a timid expansionary fiscal policy for the eurozone and forgiving Spain and Portugal for breaching EU budget rules.
Italy and Spain: A tale of two deficits
While Italy has opted for a confrontational approach to clinch budget spending leeway from the European Commission, Spain is hoping that better-than-expected growth will placate EU demands.
Guindos’ reappointment hailed by Eurogroup, Commission
EU officials in Brussels welcomed the confirmation of Luis de Guindos as Spain's economic affairs minister for a second term. The man is considered as an “extremely able” envoy of the Madrid government.
Spain’s Rajoy appoints EU-friendly Cabinet
Spain's leader Mariano Rajoy, starting a second term after months of political paralysis in his country, formed a new cabinet last night (3 November) that looks set to maintain controversial economic reforms and cement EU ties.
Parliament secures extra time for Portugal and Spain before freezing EU funds
The European Parliament gave some leeway to Spain and Portugal on Thursday (6) before an expected suspension of EU funds takes place, as MEPs decided to continue their assessment by calling their finance ministers
MEPs oppose ‘immoral’ suspension of EU funds for Spain and Portugal
A broad majority of MEPs spoke against freezing EU funds for Spain and Portugal at a European Parliament session late on Monday (3 October), saying such a decision would be “immoral”, “unfair”, “counterproductive” and even “illegal”.
ECB warns against weak application of deficit rules
The ECB issued a strong warning to the EU institutions on Friday (9 September) about the “long-term consequences” of poor implementation of the fiscal rules, in the aftermath of the partial pardons given to Spain and Portugal, after they missed their deficit targets.
Brussels willing to grant Spain more time to submit fiscal measures
EU officials have responded with a conciliatory tone to Spain’s difficulties in meeting agreed fiscal targets as new elections loom in December to break the ongoing political stalemate.
Spain risks third election in one year, endangering eurozone
Spain's caretaker Prime Minister Mariano Rajoy yesterday (30 August) urged lawmakers to back him for a second term, arguing ahead of a confidence vote which he appears set to lose that the country "urgently" needs a government.
Rajoy says ready for confidence vote on forming government
Spain's acting prime minister Mariano Rajoy, bidding to end an eight-month political stalemate, said yesterday (18 August) he was ready to face a confidence vote on forming a new government after agreeing terms for a pact with centrist rivals.
Commission split on credibility of rules as Spain and Portugal get ‘pardon’
A strong group of commissioners was in favour on Wednesday (27 July) of imposing at least a symbolic fine on Spain and Portugal for breaching the Stability and Growth Pact, but Jean-Claude Juncker opted for a zero penalty - supported by German Finance Minister Wolfgang Schauble.
Canary Islands ask for exemption from Spanish deficit fines
The president of the Canary Islands has asked for the archipelago to be excluded from any potential suspension of European regional funds on account of Spain's failure to sufficiently cut its deficit. EURACTIV Spain reports.