The European Commission today recommended in Brussels that neither Spain nor Portugal have to pay fines for exceeding deficit targets to which they had committed in 2015, taking into account extenuating circumstances.
The Organism said recognizing “the challenge of the economic environment, efforts to make reforms in both countries and their commitment to comply (with EU rules),” the institution said in a statement.
in theory, fines could reach 0.2 percent of gross domestic product (GDP) of each country, which in the case of Spain amount to 2,000 million euros (2,200 million dollars).
case has generated controversy within the EU, which is torn between the importance of sanction to confer credibility to the rules but ensure both that the measures do not harm the weak economic recovery in the bloc, which already suffered a severe blow with the decision of the United Kingdom to abandon it.
in addition, in 2003 they were not fined for the same reason Germany and France despite a recommendation in favor of the Commission for breaching the limits set by the Covenant Stability of the euro, which sets a maximum deficit of three percent of GDP.
“Even a symbolic fines would not have changed the past and would not have been understood by the population”, defended the decision Commissioner European Monetary Policy, Pierre Moscovici.
Deficit and extension
Both Spain and Portugal have been accused of not having fought entirely consistently overflow their budgets. Now both have until Oct. 15 to submit new plans to get it.
2015 Spain had a deficit of 5.1 percent of GDP, despite having been committed to 4.2 percent, and in theory should reach 3.0% this year, but it is clear that not get it.
because of this, the Commission decided to give the country an extension of two more years to take the necessary measures to meet the fiscal pact, 2018. the new targets are announced by Brussels that Spain reach a deficit of 4.6% this year, 3.1% in 2017 and 2.2% in 2018.
Meanwhile, in Portugal the deficit was 4.4 percent in 2015, exceeding the 2.5 percent agreed with the Commission. This country now receives a deadline until the end of this year to reach 2.5%.
The option of applying fines had been put on the table in mid-month for the bloc’s finance ministers, and the final decision is also in their hands, since the failure of the Commission is a recommendation. Member countries now have 10 days to decide whether to accept, amend or reject the opinion.
The rules to enforce EU deficit limits also allow the suspension of regional aid. The Commission indicated that it will release a recommendation for Spain and Portugal “later” after consulting the European Parliament.
The Spanish government has been reiterating since the process opened excessive deficit would be “nonsense” fining the country despite the efforts.
“Having received this sanction, the European Commission is placing value on the economic history of Spain and reforms that have been made to return to growth and job creation number two “, the said today in reaction” “Executive, Soraya Saenz de Santamaria.
the infringement procedure was initiated on July 5 after finding” no effective action ” by the Government to also reduce the deficit below three percent this year.
Spain meets a caretaker government since December, because after the elections there was no majority to form a new government. The elections were repeated on June 26, but for now has not achieved any coalition that is put in front of the country, so the conservative Mariano Rajoy continues on an interim basis.
Since the introduction of euro in 1999. Germany has failed seven times the deficit limit in 2001 (3.1%), 2002 (3.8) 2003 (4.2) 2004 (3.8) 2005 (3.3), 2009 (3.1) and 2010 (4.2). France is currently also with an open procedure by this issue. President of the Commission, Jean-Claude Juncker, caused a stir with his sincerity recently when asked why France was not in danger of being fined as Spain and Portugal. “Because it is France,” said
(dpa, efe)
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
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Judgment for narco Daniel Barrera
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Gunfight in Berlin
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The Week in Pictures (25 to July 31, 2016)
Start WYD 2016
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Hostage in France
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The Week in Pictures (25 to July 31, 2016)
Greater control over refugees
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The Week in Pictures (25 to July 31, 2016)
No pardon Fujimori
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
Mass Stabbing in Japan
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
Turkish Justice orders arrest of journalists
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
Platinum Award for Best Picture
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
Explosion in Ansbach, Germany
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The Week in Pictures (25 to July 31, 2016)
Murdered mayor in Mexico
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The Week in Pictures (25 to July 31, 2016)
Leader DNC announced his resignation
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
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The Week in Pictures (25 to July 31, 2016)
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