EU warns Spain and Italy over their budget plans

The European Commission on 13 November 2013 adopted the 2013 Annual Growth Survey (AGS). Its adoption launched the fourth European Semester of economic policy coordination.

As a part of this process the Commission on the 15 November 2013 adopted opinions on the draft budgetary plans submitted by 13 euro area Member States (not including the 4 countries under macroeconomic assistance programmes) and proposed Council opinions on the Economic Partnership Programmes submitted by 5 euro area Member States under the Excessive Deficit Procedure.

The European Commission warned Spain and Italy that their draft budgets for 2014 might not comply with new debt and deficit rules.

It also said French and Dutch plans only just passed muster.

Deutsche Welle, 15.11.13: EU's Rehn warns Italy and Spain to avoid excess deficits http://dw.de/p/1AIEL

EUObserver, 15.11.13: Italy and Spain close to breaking euro rules http://euobserver.com/economic/122123

Euro|Topics, 15.11.13: Ireland and Spain no longer need help http://www.eurotopics.net/en/home/presseschau/aeltere/NEWSLETTER-2013-11-15-Ireland-and-Spain-no-longer-need-help

ESO: Background information: European Semester 2014: strengthening the recovery http://www.europeansources.info/record/press-release-european-semester-2014-strengthening-the-recovery/

European Commission: RAPID: Press Release, IP/13/1082: Europe's budgetary surveillance moves into full gear http://europa.eu/rapid/press-release_IP-13-1082_en.pdf

---