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Stability and growth pact - Spain and Portugal

Today, the European Commission announced that Spain and Portugal are in non-compliance with the deficit rules in the stability and growth pact. German conservative MEP and first Vice-Chairman of the Economic and Monetary Affairs Committee, Markus Ferber (EPP), explained:

“It was high time that the Commission finally made a decision that respects the rules of the stability and growth pact. The Commission used to bend the rules of the stability and growth pact to their breaking point. This has done great damage to the European system of economic governance and must come to an end for good. I expect finance ministers now to swiftly confirm the Commission’s assessment so that sanctions can be imposed. There must be no concessions to Madrid and Lisbon now. And I also expect the Commission to continue with this firm line. The next one in line has to be France. Only last week the French Court of Auditors warned that the deficit targets for 2017 will not be reached. This must have consequences, too. There must be no special treatment whatsoever.”