Given the large budget deficits, the European Commission is focusing on France, Italy and other countries. On Wednesday, she confirmed that they had excessive new debts, necessitating a deficit procedure. France is currently under particular attention on the financial markets due to President Emmanuel Macron’s decision to hold new elections. From the European Commission’s point of view, Belgium, Malta and Slovakia, as well as Poland and Hungary, also have excessive budget gaps.
The European Commission’s recommendation to launch an excessive deficit procedure still needs to be approved by EU finance ministers in July, which is considered a formality. In November, Brussels will present proposals on how quickly the deficit should be reduced.
Last year the EU reprimanded Austria for its dependence on Russian gas
Last year, the European Commission criticized Austria’s heavy dependence on Russian gas and called for a faster expansion of renewable energy sources. The Brussels government also saw the need for action in the domestic healthcare system. Austria’s challenges also include the untapped potential of women, low-skilled workers, older workers and people with a migrant background in the labor market. The country reports take stock of the budget situation and assess progress in implementing previous years’ recommendations.
EU checks compliance with Maastricht ceilings
Every year, the European Commission examines governments’ economic, budgetary and social policies and provides targeted advice for corrections. This so-called European Semester is intended to help coordinate the policies of the EU states. Excessive budget deficits and debt mountains, as well as a backlog in reforms, must be avoided. The overarching goal is to adhere to the Maastricht limits of a maximum of three percent budget deficit and 60 percent total debt.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
