EU issues stern warnings in debut of eurozone budget oversight | Bangkok Post: news

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EU issues stern warnings in debut of eurozone budget oversight

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The EU issued stern warnings to France, Spain and Italy on Friday that they must hold unwaveringly to their budgets for 2014 or run afoul of the bloc's strict fiscal rules. 

File picture shows the Euro logo in front of the European Central Bank (ECB) building in Frankfurt, central Germany, prior to the meeting of the governing council on July 4, 2013

The European Commission, wielding new watchdog powers designed to ward off a repeat debt crisis, cleared France's draft 2014 spending plans in advance of parliamentary scrutiny, but warned there was "no margin" for slippage in reducing the deficit.

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