The EU has threatened to launch excessive deficit procedures against countries with deficits higher than three percent, like Belgium, France, and Italy.
Fines of 0.1 percent of the GDP per year could be imposed on countries not addressing their deficits, but the EU has historically hesitated to enforce fines due to potential negative repercussions.
#eu-budget-rules #deficits #excessive-deficit-procedures #eu-finance-ministers #economic-consequences
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