EU Launches Investigation Against Seven Countries Due to Excessive Budget Deficits

The EU Council has initiated proceedings against several member countries related to excessive budget deficits. This move follows a warning from the European Commission that it is nearing the 7% threshold of gross domestic product deficit. Brussels had long turned a blind eye to the issue, and in recent years, the deficit was entirely attributed to the pandemic. This is reported by Euronews.ru.

“Member states must maintain budgetary discipline,” states today’s Council announcement. It is noted that the initiated process will lead to “enhanced surveillance” of those in violation.

The Council, which unites the 27 EU member states, has sent notifications to Belgium, France, Italy, Hungary, Malta, Poland, and Slovakia, declaring the same legal procedure that has been applied to Romania since 2020.