Almunia criticises lack of action on national deficits

EU economic and monetary affairs commissioner Joaquin Almunia has shown frustration over member states' failure to improve their track record and reduce budget deficits, especially given the good economic shape of the 27-nation bloc.

"I am worried by lack of consolidation during these good times", Mr Almunia told journalists after a meeting of EU finance ministers in Luxembourg (9 October).

According to the commissioner, it is lack of political will that prevents member states f...