EU to reprimand France, Italy, and others for exceeding budget deficit limits under the Stability and Growth Pact.
The European Union (EU) is set to reprimand France, Italy, and five other countries for exceeding their budget deficit limits. The EU's budget rules, known as the Stability and Growth Pact, require member countries to maintain deficits below 3% of their GDP. France's deficit was 5.5% last year, with debt at about 111% of GDP, exceeding the EU's 3% limit on deficits and a debt-to-GDP threshold of 60%. The EU's intervention may influence the policies of the National Rally and other parties once in power, as they will have to tone down their rhetoric and avoid policies that would worsen relations with the EU.
June 18, 2024
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