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Moscovici: "We have not played fast and loose with the rules" (Photo: European Commission)

EU lets Portugal and Spain off the hook

The European Commission has let Portugal and Spain off the hook on fiscal targets, partly for fear of aggravating euroscepticism.

Both countries have repeatedly broken EU pacts to keep their budget deficits below 3 percent of GDP, giving the commission the right to propose a fine of up to 0.2 percent of GDP or to withhold payments from the EU budget.

But on Wednesday (27 July) it recommended that there should be no fines, while leaving the final decision to member states.

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

Moscovici: "We have not played fast and loose with the rules" (Photo: European Commission)

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Author Bio

Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.

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