In addition to France, these decisions target Belgium, Hungary, Poland, Slovakia, Malta and Romania.
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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.