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Economic and Financial Affairs Council: Main results

EU News 249/2016

Council of the European Union

The Council found that Portugal and Spain had not taken effective action in response to its recommendations on measures to correct their excessive deficits.

It confirmed that they will not reduce their deficits below 3% of GDP, the EU's reference value for government deficits, by the recommended deadline. And it found the fiscal effort made by the two countries to fall significantly short of what was recommended.

The Council's decisions will trigger sanctions under article 126(8) of the Treaty on the Functioning of the European Union. The Commission has 20 days to recommend and the Council will have 10 days to approve the fines.

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