Brussels demands yet more austerity from member states

Despite hundreds of billions having already been slashed from EU member-state budgets in the wake of the economic crisis, the European Commission on Wednesday said the cuts have not been deep or radical enough and demanded still more austerity from European governments.

At the launch of the first ever 'European Semester', a new annual process of oversight of national budget-drafting by Brussels, the EU executive outlined a series of stringent recommendations, dubbed the 'Annual Growth S...