EU still undecided on France deficit / France, Italy, Belgium to get extra three months on deficit and debt

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Series Details 24.11.14
Publication Date 24/11/2014
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Under the strengthened budgetary policy coordination processes introduced in 2013, the European Commission was due by the 30 November 2014 to issue its opinion on the draft budgetary plans for 2015 of each of the eurozone countries.

Features suggested that internal discussions within the European Commission were finding it difficult to make a decision as regarding the budgetary plans for France which would leave it with a substantial budget deficit, and thus test the credibility of the EU budgetary control processes.

Several media sources reported on 27 November 2014 that the European Commission had decided to postpone its decision on the French, Belgian and Italian budgets, giving these 3 countries three more months to come up with alternatives to avoid breaching the budgetary rules set up by the budget coordination procedure.

This policy was approved by Eurozone Finance Ministers at a Eurogroup meeting on the 8 December 2014.

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European Commission: DG Economic and Financial Affairs: EU economic governance: Stability and Growth Pact: Draft budgetary plans of euro area Member States
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Euro|Topics: Main Focus, 09.12.14: Period of grace for Eurozone's debtor countries
Eurozone: Press Release, 08.12.14: Eurogroup Statement on the draft budgetary plans 2015

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