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EU Warns Spain Over 2014 Draft Budget

Fri 15th Nov 2013
EU Warns Spain Over 2014 Draft Budget

Spain is one of 5 eurozone countries at risk of breaching the EU's economic rules in 2014, according to a statement by EU Executives yesterday, after concluding the bloc's first ever assessment of member state's draft budgets.Madrid was told that it had taken effective action this year to bring its deficit in line, but still risked missing its 2014 targets.

The EU's Stability and Growth Pact requires that all member states bring their deficit down to 3% and their debt down to 60% of GDP.

The EU's budgetary surveillance exercise is a new step towards spotting budget problems early on, in an aim to boost growth as the bloc emerges from its prolonged recession. "Today we reach a milestone in the implementation of Europe's strengthened economic governance," said EU Economy Commissioner Olli Rehn.

"In an economic and monetary union, national budgetary decisions can have an impact well beyond national borders." No draft budget flouted EU debt and deficit rules to such an extent that it had to be revised, the EU's executive said, but it advised several countries to take on board its "substantial criticism" as they finalise their 2014 budgets.

Germany and Estonia were the only two countries on track to fully comply with the bloc's debt and deficit targets.

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