THE EUROPEAN COMMISSION has issued a budget warning to Belgium, Finland, Portugal and Spain, reports Reuters.
The Finnish government announced last week that the commission has expressed its concerns about the planned increase in public spending for next year, warning that it could see the country violate the budget discipline rules of the EU.
The government responded to the warning by underlining that the spending increases are temporary and necessary to achieve long-term employment growth and fiscal stability.
Belgium, Portugal and Spain, in turn, received the warning for submitting incomplete budget data due to the fact that none of the countries have yet to swear in a new government following recent elections.
The European Commission has also issued a more stern warning to France and Italy, saying the countries are at risk of breaching the fiscal rules of the EU, according to the international news organisation headquartered in London, the UK. The French and Italian finance ministers were expected to clarify the budget drafts by Wednesday.
All EU member states had to submit their budget drafts for next year to the EU by 15 October.
Aleksi Teivainen – HT
Source: Uusi Suomi