EU pledges large fines for fiscal sinners

The European Commission adopted a legislative package containing the most comprehensive reinforcement of economic governance in the EU and the euro area since the launch of the Economic and Monetary Union on the 29 September 2010.

Broader and enhanced surveillance of fiscal policies, but also macroeconomic policies and structural reforms is sought in the light of the shortcomings of the existing legislation. New enforcement mechanisms are foreseen for non-compliant Member States. The recently agreed 'European semester' will integrate all revised and new surveillance processes into a comprehensive and effective economic policy framework.

ESO: Background information: Eurozone crackdown on public finances‎ http://www.europeansources.info/record/eurozone-crackdown-on-public-finances%e2%80%8e-germany-backs-tough-eu-deficit-rules/

European Commission: Press Release: IP/10/1199: EU economic governance: the Commission delivers a comprehensive package of legislative measures http://europa.eu/rapid/pressReleasesAction.do?reference=IP/10/1199&format=PDF&aged=0&language=EN&guiLanguage=en

European Commission: DG Economic and Financial Affairs: News: EU economic situation: A new EU economic governance - a comprehensive Commission package of proposals http://ec.europa.eu/economy_finance/articles/eu_economic_situation/2010-09-eu_economic_governance_proposals_en.htm

BBC News, 29.9.10: EU lays out sanctions to punish budget rebels http://www.bbc.co.uk/news/business-11431963

EUObserver, 29.9.10: Fines for deficit states more likely under EU plans http://euobserver.com/9/30923

Les Echos, 5.10.10: Federalism or bust http://www.presseurop.eu/en/content/article/353601-federalism-or-bust

EurActiv, 30.9.10: EU unveils new budget discipline rules http://www.euractiv.com/priorities/eu-unveils-new-sanctions-indebted-nations-news-498285

Deutsche Welle, 29.9.10: EU proposes fines for budget deficit abusers http://www.dw-world.de/dw/article/0,,6058589,00.html

Spiegel Online International, 30.9.10: The EU Has Finally Opened the Door to Economic Union http://www.spiegel.de/international/europe/0,1518,720479,00.html

EurActiv: Links Dossier: The EU's economic governance: Rewriting the rulebook http://www.euractiv.com/euro/the-eu-s-economic-governance-rewriting-the-rulebook-linksdossier-496816

The Economist, No.8702, 2.10.10: Charlemagne: Economic sanctions? Yes, please http://www.economist.com/node/17149082

Le Figaro, 30.9.10: Spendthrift nations to get hit by fines (via PressEurop) http://www.presseurop.eu/en/content/news-brief-cover/349511-spendthrift-nations-get-hit-fines

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