BRUSSELS / LONDON (IT BOLTWISE) – The European Union faces a fiscal challenge as more than half of its member states exceed deficit and debt limits. Eurostat data shows that twelve countries are running a deficit of over three percent of their economic output, which could trigger potential criminal proceedings. Romania, France and Italy, which are well above the stability limits, are particularly affected.
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The European Union is facing a serious fiscal crisis as many of its member states exceed self-imposed deficit and debt limits. According to the latest data from Eurostat, more than half of EU states exceeded these limits last year, which could threaten the region’s financial stability.
The situation is particularly alarming in Romania, which tops the list with a deficit of 9.3 percent of economic output. France and Italy are also in the focus of the EU authorities with deficits well above the three percent mark. These countries risk becoming embroiled in criminal proceedings that are already underway against some heavily indebted nations.
The EU’s Stability and Growth Pact stipulates that national debt levels must not exceed 60 percent of economic output. Nevertheless, twelve EU states exceeded this mark last year. Greece, Italy and France are the top performers with debt ratios of 154.2 percent, 134.9 percent and 113.2 percent.
While some countries such as Luxembourg, Denmark and Ireland have managed to record more revenue than expenditure, the overall financial situation in the EU remains tense. Compliance with fiscal rules is crucial to strengthen confidence in the European economy and avoid future financial turmoil.
The EU now faces the challenge of taking effective measures to improve fiscal discipline and reduce the debt burden. This requires not only political determination, but also close cooperation between Member States to find sustainable solutions.
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