EU asks budget clarification from some of its members

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The European Commission sent letters to the finance ministers of Italy and France to ask for clarifications about their 2020 budget drafts. The request comes as said drafts were found to be in conflict with the fiscal rules of the European Union.

The E.U. executive also sent budget warnings to Finland, Spain, Portugal, and Belgium over budget plan issues.

The letter said, “Italy’s plan does not comply with the debt reduction benchmark in 2020.”

As for E.U.’s calling out on France, the E.U. noted that under the existing draft budget that Paris would breach EU rules on public debts.

Meanwhile, Spain, Portugal, and Belgium were asked to submit complete budget drafts. Both Spain and Belgium are undergoing a government transition that caused them to submit unfinished budget drafts.

Finland was warned of its growing public spending. It replied by saying that public spending was necessary to boost employment and improve public finances.

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