A German commissioner of the European Union presses for action against Spain and Portugal are taken for breaching the deficit target, arguing that Brussels should act to maintain its credibility.
Last May, the European Commission rejected impose fines immediately, aiming to re-examine the situation in July.
The European Union requires member states to keep their deficits below 3% of its annual GDP. Although countries can be fined up to the equivalent of 0.2% of GDP if we do not implement measures to achieve the objective, yet none has been punished.
The Commissioner Guenther Oettinger was quoted Monday by the German newspaper Bild saying: “If the Commission wants to maintain its credibility to maintain budgetary rules, we have to approve sanctions against Spain and Portugal” .
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