European Union opens proceedings against France and six other countries for excessive public deficit

The European Union formally launched, on Friday July 26, procedures for excessive public deficits targeting seven member states, including France, according to a press release from the European Council, the institution representing the Twenty-Seven.

In addition to France, these decisions target Belgium, Hungary, Poland, Slovakia, Malta and Romania. All of them exceeded the public deficit limit set at 3% of gross domestic product (GDP) by the Stability Pact last year, which also limits debt to 60% of GDP. They will have to take corrective measures to comply with these budgetary rules in the future, under penalty of financial sanctions.