Brussels, May 11 (EFE) .- The European Commission (EC), there is a “broad understanding” on the need to take a further step in the excessive deficit procedure and impose sanctions on Spain and Portugal for not taking effective in reducing its public deficit measures, confirmed Efe sources of the European Union.
the college of commissioners of the EC held on Tuesday debate on the decisions expected to take next week under the stability and growth pact, which sets limits on deficit and debt at 3% and 60% of GDP respectively, although it has not taken an even final determination, and must now work in the coming days in the design package recommendations .
the decision could also affect Italy, for breach of the rule of debt, which rose in 2015 to 132.7% of GDP, the second largest behind Greece, and is considered as “another complicated case,” the sources said.
the debate in the college of Commissioners focused on taking into account the facts and figures on the table.
a ” broad understanding “in the EC that Spain and Portugal” are cases clear enough “to take a further step in the excessive deficit procedure, because” the numbers are such that leave little doubt “the sources said.
Spain closed 2015 with a deficit of 5.1% of GDP with the help of 0.1 points to banking, compared with 4.2% required by its European partners, so it is far from reaching 2 , 8% committed this year.
Portugal ended the year with a deficit of 4.4% of GDP including the fiscal impact for the rescue of Banif, when he had to have reduced this year below 3% .
So far no member has been penalized for breach of the deficit, and the EC is also aware of the “extremely sensitive moment” of the decision taken by the electoral campaign starting in Spain ahead the elections of 26-J.
the EC has not yet discussed the details of a possible fine, since the first step is to submit to the Council -the institution representing determining that a recommendation countries- Spain has not taken effective action, after which the ministers of economy and finance must decide.
If members of Spain give reason to the EC, it has 20 days to recommend to the Council a fine amounting 0.2% of GDP, according to the regulation, ie about 2,000 million euros.
the fine will be adopted unless the Council decides by qualified majority to reject it within ten days.
the penalty may be reduced or even canceled by the EC on the grounds of “exceptional economic circumstances” or following a reasoned request received from Madrid within ten days.
Spain tries for weeks try to avoid the fine.
Both in its stability program sent to Brussels and written by the chairman of the caretaker government, Mariano Rajoy, the president of the EC letter, Jean-Claude Juncker, Madrid claims which largely breach has been negative deviation from Spanish inflation from the provisions of the EC in 2013.
He also notes certain extraordinary expenditure operations and requests take into account the structural effort made along the legislatures and not only in 2015.
the Spanish Government considers that the new path designed with an extra year of margin, and the deficit targets set at 3.6 % of GDP in 2016 and 2.9% in 2017, is reasonable and that its arguments are “perfectly acceptable and understandable”.
According to published El País and La Vanguardia, Rajoy promised to Juncker to extend one-year agreement unavailability of spending on central and regional administrations. EFE
cae / mtm / ie
(More information on the European Union euroefe.euractiv.es)
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