France was one of eight countries - with Italy, Spain, Portugal, Belgium, Slovakia, Slovenia and Finland - that were in the EU's cross-hairs for bloated budgets. Often flouted, the EU rules on public debt and deficits are the cornerstone of eurozone membership: Countries using the single currency are asked to limit deficit spending to three percent of GDP and overall debt to 60 percent. France, Italy, Belgium and Spain "have not sufficiently used favourable economic times to put their public finances in order," said commission vice president Valdis Dombrovskis. After loudly refusing to cave to Europe's demand, Rome later acquiesced and accepted the tighter spending and debt reduction demanded by Brussels. Both countries have been under pressure to boost spending to stimulate growth across Europe, which has been underperforming, especially in manufacturing.

Source: The Local November 20, 2019 13:18 UTC