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Commission President ROMANO PRODI stresses that flexibility in the interpretation of the Pact, does not mean laxity. (Photo: European Commission)

EU states to face procedures for high debts

The Commission has proposed to extend its excessive deficit procedure against EU states, to be also used in cases of high debt and not just high deficit. This proposal was adopted unanimously by the Commissioners on Wednesday, as part of the reform of the Stability and Growth Pact (SGP). The Commission can act against high deficits within the existing Treaty and framework of the Pact. The Commission adopted these proposals after failure by some EU states to stick to the rules, and after that ...

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Commission President ROMANO PRODI stresses that flexibility in the interpretation of the Pact, does not mean laxity. (Photo: European Commission)

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