Stability and Growth Pact: Council adopts recommendations on Spain and Portugal

On the 9 August 2016, the European Commission welcomed the Council of the European Union’s decisions on Spain and Portugal dealing with the Stability and Growth Pact. Following European Commission’s conclusion on the 12 July 2016 that Spain and Portugal had not taken effective action to correct their excessive deficits, the Council of the European Union has now cancelled the fines for both countries and has set new fiscal paths to each of them, as recommended by the European Commission on the 27 July 2016.

• Primary Source

ESO: Background information: Excessive deficit procedure: Council finds that Portugal and Spain have not taken effective action http://www.europeansources.info/record/excessive-deficit-procedure-council-finds-that-portugal-and-spain-have-not-taken-effective-action/

ESO: Background information: Stability and Growth Pact: fiscal proposals for Spain and Portugal http://www.europeansources.info/record/stability-and-growth-pact-fiscal-proposals-for-spain-and-portugal/

Council of the European Union: Press Release, 08.08.16: Excessive deficit procedure: Council agrees to zero fines and new deadlines for Portugal and Spain http://www.consilium.europa.eu/en/press/press-releases/2016/08/08-excessive-deficit-portugal-spain/

BBC News, 09.08.16: EU waives budget deficit fines for Spain and Portugal http://www.bbc.co.uk/news/business-37023479

The Local.es, 09.08.16: Spain is officially off the hook over budget deficit breach http://www.thelocal.es/20160809/spain-is-officially-off-the-hook-over-eu-budget-deficit-breach

Euro|Topics: Debates, July / August 2016: Is the EU right to spare Spain and Portugal? http://www.eurotopics.net/en/163376/is-the-eu-right-to-spare-spain-and-portugal

EUObserver, 09.08.16: [Opinion]: Ignoring our problems leads only to crisis https://euobserver.com/opinion/134605

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