EU Launches Deficit Crackdown

EU Launches Deficit Crackdown

The European Commission has announced its intention to launch a procedure against Austria due to excessive government debt. The move, which involves a deficit-based procedure for a country with a significant deficit, is justified, according to the Brussels-based authority.

Following the review of the Economic and Financial Affairs Committee’s statement, the Commission intends to recommend to the Council that a procedure be initiated against Austria and propose recommendations to the Council to address the excessive deficit.