No `serious` fault found, France, Italy 2015 budgets pass EU review

From the European Commission they explain:

“Under the strengthened budgetary policy coordination introduced in 2013 and being implemented for only the second time this autumn, euro area countries are required to submit draft budgetary plans for the following year by 15 October. The European Commission must adopt an opinion on each of these by 30 November. However, in cases where the Commission identifies “particularly serious non-compliance with the budgetary policy obligations laid down in the Stability and Growth Pact”, it is required to adopt its opinion within two weeks of the plans’ submission.

Over the past two weeks, the Commission has carried out consultations with certain Member States to request further information or to highlight some initial concerns related to the draft budgetary plans they submitted. I want to welcome the fact that these Member States have responded constructively to our concerns.”

The budget review covered all 18 eurozone countries, with the focus on struggling France and Italy after Brussels told them that their original plans fell well short of what was required to meet European Union norms.

 

“After taking into account all of the further information and improvements communicated to us in recent days, I cannot immediately identify cases of “particularly serious noncompliance” which would oblige us to consider a negative opinion at this stage in the process,” EU Economic Affairs Commissioner Jyrki Katainen said.

 

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