Brussels warns Lithuania and 7 other states of excessive budget deficits
The European Commission has on November 16 announced that Lithuania and eight other eurozone countries could surpass the European Commission budget deficit limit.
All EU member states are required to run budget deficits below 3% of their total economic output, but only the 19 countries that use the euro as a currency can be fined.
BBC reports that the European Commission evaluated that the eight – Italy, Lithuania, Spain, Portugal, Belgium, Cyprus, Finland, Lithuania and Slovenia – risked «non-compliance» in 2017.
In August, Spain and Portugal avoided being fined over their budget deficits, when the EU Council gave them more time to meet the rules and bring down their deficits.
European Economic and Financial Affairs Commissioner Pierre Moscovici/Photo: