European economic policy begins to tell a slightly different story, but the substance remains the same.
The European Commission called on Friday to France, Italy , Spain and Belgium more and immediate adjustments in their budgets for 2015. They have until March to modify them.
The Spanish situation is less pressing, as it would be to tenths to meet the fiscal deficit requires the EU executive, but France, Italy and Belgium are risking fines that could reach 0.5 percent of GDP.
The demand shows that despite plans investment without much content and discourse more focused on reforms in settings, bet economic policy is the same. pressure to reduce public deficit below 3 percent
That in an economic context of stagnation (the Eurozone grew by 0.1 percent in the second quarter and 0.2 percent in the second, while the United States was 4.6 and 3.9 percent ), unemployment (the rate of the Eurozone leads hooked months to 11.5 percent) and risk of falling into deflation (closed in October to 0.3 percent per year after 0.4 percent in September and countries like Spain take five months seeing price falls).
Had strictly applied its rules, the European Commission announced Friday could have the same fines, but Brussels decided to give three months offending countries.
France (second largest economy euro) and Italy (third) have to reduce the fiscal deficit and implement reforms that will improve the competitiveness of their economies, the report of the European Commission.
That, translated from the Newspeak of economic departments of the EU executive, internal devaluation means reducing wages to cut business costs while reducing social policies to limit spending public.
The European Commissioner for Economic Affairs, the French Pierre Moscovici, announced at a press conference that the European Commission “decided in early March if necessary further action. Then we will have a clearer picture of how governments with their reform commitments have been fulfilled. And they do it is in the interest of the entire eurozone. “
France’s economy most at risk of suffering a fine from the European Commission because it takes years to be monitored by breaching its goals prosecutors.
Brussels granted to Paris in late 2013 two years later, until the end of 2015 to bring the deficit to 3 percent. But in the French budget presented in November at Community executive that rate reaches 4.5 percent and, according to forecasts from Brussels, would rise to 4.7 percent in 2016.
Italy, while maintaining the controlled deficit, has a 132.2 percent of public debt, the second eurozone after Greece.
In an interview Friday Belgian newspaper Le Soir, President of the European Commission, Jean-Claude Juncker, said he had discussed with French President François Hollande and Italian Prime Minister Matthew Renzi. According Juncker, I would have insisted that wants a clear timetable for reforms and “not enough just promises.”
Austria, Portugal and Malta also received warnings, but the difference with Brussels is limited to these countries submitted budgets with a growth forecast that the European Commission considers exaggerated, so it warned that its fiscal deficit could skid.
Across the table appears Germany, which passed its budget in balance (0.0 percent fiscal deficit without triggering new debt) since 1969.
France receives more Spanish
The entry of Spanish immigrants, Portuguese and Italians in France doubled between 2009 and 2012 as a result of the crisis, and that has helped increase the weight of Europe, which accounted for 46 per cent of those settled in the country in that year.
IDAFE MARTIN PEREZ
TIME
Brussels
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