The European Commission vigilantly ensure that EU countries comply with the requirements of the members of the community, especially economic. But not all succeed. According to the newspaper El Pais, Brussels can impose sanctions against Spain because of the fact that the Iberian Kingdom is not able to keep the budget deficit within 3 percent of GDP – the limit that is valid for EU members.
According to the European Commission, Spain is above this limit for the fourth consecutive year. And if Brussels thinks that the country would continue to be unable to correct the situation, the Kingdom will be subject to sanctions, including fines (up to 2 billion euros), as well as the return of the inspectors of the EU in Madrid. This decision of the EC may decide in July. Currently no action on the part of Brussels does not make sense, because in Spain there is no formal government, able to take any action (repeat parliamentary elections scheduled for 26 June).
In General, the Commission may require from Madrid is being held this and next year reform, which will save up to 8 billion euros, equivalent to 0.75 percent of GDP. According to the EC, the budget deficit of Spain in 2016 will reach 3.7 percent of GDP. The government of the people’s party, acting before the formation of the new Cabinet gives several different figures: 3.6 percent of GDP. 2015 Kingdom closed with a deficit of 5.1 per cent.
Earlier, the European Commission carried warnings about the need to reduce the budget deficit of France, Italy, Portugal and Spain, but so far no EU country was not exposed for it to sanctions. The Iberian Kingdom may be one of the first.
