The European Commission has delayed its decision on potentially fining Spain and Portugal for exceeding the EU’s budget deficit limit of 3 percent of GDP.
The college of commissioners on Wednesday said it is recommending to “the Council to recommend a durable correction of the excessive deficit in 2016 and 2017 respectively, by taking the necessary structural measures and by using all windfall gains for deficit and debt reduction.”
The Commission will address the situation again in early July — after Spain’s repeat elections which take place in June. Under EU rules countries can be fined up to a maximum of 0.2 percent of GDP for breaching deficit rules.
The Commission has previously considered issuing fines to countries that fail to meet EU targets, but has pulled back. Last year, France looked likely to be penalized for missing the deficit target but was given more time to meet the EU budgetary requirement.
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