EU arm warns of deficits but won’t take legal action

For the first time since 2002, the European Commission is not taking legal action against any of its members over high budget deficits or debt and is instead encouraging some to spend more to help the economy.

The EU’S executive arm said Wednesday that eight countries were at risk of significantly falling short of the bloc’s aim for a deficit below 3 percent of GDP and debt approaching 60 percent.

They include Spain, France, Belgium and Italy, which it said have not sufficiently used good economic times to repair their public finances.