The Comission announced today that it issued formal "Excessive Deficit Procedures" against a number of EU countries that overpassed the 3% limit (namely Spain, France and Ireland). This may be understood as a signal that the Commission will keep a keen eye on this issue, despite the deflactionary pressures and the mounting crisis. Still, some caution should be used on this procedures - after all, some public investment might be benefic to counterattack this crisis.
http://economia.publico.clix.pt/noticia.aspx?id=1377008&idCanal=57
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