Excessive deficit procedure: Council agrees to zero fines and new deadlines for Portugal and Spain
EU News 277/2016
Council of the EU
On 8 August 2016, the Council agreed not to impose fines on Portugal and Spain for their failure to take effective action to correct their excessive deficits.
It also stepped up the excessive deficit procedure for both countries, setting new correction deadlines and giving notice of measures to be taken.
The new deadlines set by the Council are based on article 126(9) of the TFEU. Portugal is now required to correct its deficit by 2016 and Spain by 2018 at the latest. Effective action must be taken by 15 October 2016, and both countries must submit a report by that date.
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