Eu finance rules
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The European Commission on Wednesday proposed legislation that would strengthen its control over the economic policies of European Union member states, a key part of EU reforms aimed at preventing the problems that sparked Europe’s sovereign debt crisis earlier this year.
Wednesday’s legislation would allow the commission to impose fines of up to 0.2% of gross domestic product for a euro area country that repeatedly ignores recommendations to fix its budget problems. The legislation also places a new focus on total debt; any EU nation with debt above the 60% of GDP limit would have to cut its excess by 5% each year.
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