EU to warn France, Italy and more over unruly budgets
6 months ago

EU to warn France, Italy and more over unruly budgets

New Indian Express  

BRUSSELS: The European Union is expected on Wednesday to rebuke nearly 10 governments, including France and Italy, over their excessive spending after new budget rules entered into force this year. It comes at a particularly difficult moment for France, where both the far left and far right are piling up spending promises ahead of snap polls triggered by President Emmanuel Macron's crushing EU election defeat. This will be the first time Brussels reprimands nations since the EU suspended the rules after the 2020 Covid pandemic and the energy crisis triggered by the Ukraine war, as states propped up businesses and households with public money. The European Commission will publish assessments of the 27 EU states' budgets and economies on Wednesday, and will likely point out that some 10 countries including Belgium, France and Italy, have deficits higher than three percent.

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History of this topic

Netherlands fails EU budget test, only country to miss target
3 weeks, 6 days ago

Netherlands fails EU budget test, only country to miss target

Dutch News  

The Dutch government’s 2025 spending plans have fallen short of European Commission guidelines, making the Netherlands the only EU member state to fail the budget test so far. “The Netherlands is assessed to be not in line with the recommendation, as the net expenditure is projected above the ceilings,” the Commission said in its autumn budget statement on Tuesday. While …

The Netherlands set to exceed European spending guidelines; only country to do so
4 weeks ago

The Netherlands set to exceed European spending guidelines; only country to do so

NL Times  

The Dutch government’s expenditure exceeds the guidelines of the new European budget rules. “The Netherlands is assessed to be not in line with the recommendation, as the net expenditure is projected above the ceilings,” the European Commissioner for Economy, Paulo Gentiloni, said on Wednesday. When Prime Minister Dick Schoof’s Cabinet released their first-ever budget plan, it was already clear that …

Netherlands is one of five opposed to EU’s 200 billion euro budget for 2025
Trending News
4 weeks, 1 day ago

Netherlands is one of five opposed to EU’s 200 billion euro budget for 2025

NL Times  

After protracted negotiations, the European Union reached a preliminary agreement on its 2025 budget, but the Netherlands remains a vocal dissenter. The agreement, struck between EU finance ministers and the European Parliament, outlines 192.7 billion euro in commitments and 149.6 billion euro in payments. While the budget falls short of the European Parliament’s initial request of 194 billion euro, it …

Netherlands against 'irresponsible' EU budget 2025
1 month, 1 week ago

Netherlands against 'irresponsible' EU budget 2025

NL Times  

The Netherlands, Austria, Sweden, Finland and Denmark are unhappy about the agreement on the EU budget for 2025 that was reached last night. The agreement was reached last night between a delegation of EU finance ministers and a delegation from the European Parliament. According to European Commissioner Johannes Hahn, this budget will enable the European Union to implement political priorities …

Italy urges EU support for NATO spending amid budget rule clash
1 month, 2 weeks ago

Italy urges EU support for NATO spending amid budget rule clash

Firstpost  

Rome is unlikely to meet the requirement as it projects defence spending at 1.61% in 2027 amid 35 billion euros already set aside through 2039, Economy Minister Giancarlo Giorgetti told a parliamentary hearing. Italy has called on the European Union to back bond issuance to finance defense spending, arguing that NATO’s 2% GDP target by 2028 is in conflict with …

Italy making banks help with budget
2 months, 1 week ago

Italy making banks help with budget

China Daily  

By EARLE GALE in London | China Daily Global | Updated: 2024-10-17 09:27 Italy's Prime Minister Giorgia Meloni attends a roundtable meeting in Brussels, Belgium Oct 16, 2024. Italy will raise 3.5 billion euros through new levies on domestic banks and insurance companies, in a bid to overcome a 9-billion-euro black hole in its budget, Prime Minister Giorgia Meloni announced …

EU warns France to cut deficit by £12bn or face punishment
5 months, 1 week ago

EU warns France to cut deficit by £12bn or face punishment

The Telegraph  

The European Commission sent the £12.6 billion yearly demand to Paris last month, Bloomberg reported. The cut is equivalent to about 0.55 per cent of annual GDP over seven years and is seen as the opening gambit in tough negotiations over France’s debt. Under the bloc’s Excessive Deficit Procedure, member states must keep their deficit below 3 per cent of …

Political turmoil in France isn’t a prelude to another European Union
6 months ago

Political turmoil in France isn’t a prelude to another European Union

Live Mint  

Mark Twain’s aphorism that “history doesn’t repeat itself, but it often rhymes" may be overused. The political jockeying following President Emmanuel Macron’s decision to call a snap election has highlighted the country’s intractable debt problem; French bond spreads won’t magically return to the previous narrow levels compared with benchmark German yields even after the political picture becomes clearer by the …

EU criticizes France for excessive debt, putting pressure on Macron during election campaign
6 months ago

EU criticizes France for excessive debt, putting pressure on Macron during election campaign

Associated Press  

BRUSSELS — The European Union’s executive arm on Wednesday criticized France for running up excessive debt, a stinging rebuke at the height of an election campaign where President Emmanuel Macron is facing a strong challenge from the extreme right and the left. “Deficit criteria is not fulfilled in seven of our member states,” said EU Commission Vice President Valdis Dombrovskis, …

EU criticizes France for excessive debt, putting pressure on Macron during election campaign
6 months ago

EU criticizes France for excessive debt, putting pressure on Macron during election campaign

LA Times  

The European Union’s executive arm on Wednesday criticized France for running up excessive debt, a stinging rebuke at the height of an election campaign where President Emmanuel Macron is facing a strong challenge from the extreme right and the left. “Deficit criteria is not fulfilled in seven of our member states,” said EU Commission Vice President Valdis Dombrovskis, naming Belgium, …

France’s parliament approves big boost in military spending, spurred by Ukraine war
1 year, 5 months ago

France’s parliament approves big boost in military spending, spurred by Ukraine war

Associated Press  

PARIS — France’s parliament on Thursday approved a multi-billion-euro boost to military spending through the rest of this decade, spurred by Russia’s war in Ukraine and fast-growing global threats. He has argued the boost was needed to ensure “our freedom, our security, our prosperity, our place in the world.” The defense minister has compared it to France’s push in the …

German Cabinet approves a lower 2024 budget as it eyes a return to financial ‘normality’
1 year, 5 months ago

German Cabinet approves a lower 2024 budget as it eyes a return to financial ‘normality’

Associated Press  

BERLIN — Germany’s Cabinet on Wednesday approved a draft 2024 budget that foresees lower spending, with defense among the exceptions, as Europe’s biggest economy sticks to rules limiting borrowing that were suspended during the coronavirus pandemic. Germany plans to reach a NATO target of spending 2% of gross domestic product on defense next year, a measure on which it has …

EU to stop Greek budget watch in formal end to major crisis
2 years, 4 months ago

EU to stop Greek budget watch in formal end to major crisis

Associated Press  

BRUSSELS — The European Union’s budget watchdog announced Wednesday that it is winding up years of surveillance of Greek government spending. The move marks a formal end to a major crisis that threatened to see Greece ejected from the euro single currency group, imposed severe hardship on its citizens and roiled global financial markets. But on Wednesday, the EU commission …

EU nations approve a dozen pandemic recovery plans
3 years, 5 months ago

EU nations approve a dozen pandemic recovery plans

The Hindu  

approved the pandemic recovery plans of the bloc's four biggest economies and eight other member countries Tuesday, a move seen as a bellwether for an economic revival from the unprecedented recession caused by the coronavirus pandemic. In the case of France, which is to get some 40 billion euros USD 47.3 billion from the pandemic recovery fund, that would amount …

EU nations approve a dozen pandemic recovery plans
3 years, 5 months ago

EU nations approve a dozen pandemic recovery plans

Associated Press  

BRUSSELS — European Union nations approved the pandemic recovery plans of the bloc’s four biggest economies and eight other member countries Tuesday, a move seen as a bellwether for an economic revival from the unprecedented recession caused by the coronavirus pandemic. In the case of France, which is to get some 40 billion euros $47.3 billion from the pandemic recovery …

EU lawmakers OK $815 billion recovery program
3 years, 10 months ago

EU lawmakers OK $815 billion recovery program

Associated Press  

BRUSSELS — European Union lawmakers on Wednesday approved a 672.5 billion euro recovery package of loans and grants to help member nations recover more quickly from the coronavirus pandemic, but countries will not receive the money for several months. The European Parliament voted 582-40, with 69 abstentions, in favor of the regulation for the Recovery and Resilience Facility, the central …

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