EU starts disciplinary budget steps vs 6 countries

[constitutionus]

another story i got off NIBs ebanking news section from reuters . as such i cant link so heres what it says

apparently the comission has started the above in the title on wednesday but will only set deadlines for reducing the gaps in march

the comissins said its launching excessive deficet procedure against France, Greece,Spain, ourselves, Latvia and Malta because our budget short falls were above the EU ceiling limit of 3% of GDP.

"exceptional circumstances are considered where appropriate" says economic and monetary affairs minister joaquin almunia

"in all other cases the comission will use the felxability imbedded in the revised stability and growth pact when considering the next steps under the excessive deficit procedure in the weeks to come" he said

many of the EU 27 countries see their deficits balloon above the block limit as they try to support their economies amid the worst downturn in decades and falling tax revenues.

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wasnt quite sure where to stick this but seeing as it impacts against us in an economic fashion i stashed it here.

what do you think? sabre rattling to make it look like the EU is doing something or genuine attempt to put some manners on the 6?

somehow with FRANCE being on the list i cant help think its just posturing to look like its doing something.

[setanta]

what do you think? sabre rattling to make it look like the EU is doing something or genuine attempt to put some manners on the 6?

Or perhaps it's what the European Commissioner says it is, a necessary step to ensure that the flexibility necessary to manage the impact of the economic downturn does not threaten the stability of the Eurozone. Sometimes a cigar is just a cigar.