Stability and Growth Pact: fiscal proposals for Spain and Portugal
EU News 268/2016
Brussels, 27 July 2016
Following the Council decision of 12 July 2016 that Spain and Portugal did not take effective action to correct their excessive deficits, the Commission today recommends a new fiscal adjustment path for both countries. The College of Commissioners also recommends that the fine be cancelled for both countries, a recommendation which the Council will need to approve, amend or reject. The Council is not bound by the Commission recommendation but can increase the fine to up to 0.2% of GDP under EU rules.
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