BRUSSELS (Reuters) -The European Commission started on Wednesday disciplinary steps against Austria over the country's budget deficit that exceeds EU limits, a procedure could potentially end in fines
EU Takes Disciplinary Action Against Austria for Budget Deficit
BRUSSELS (Reuters) -The European Commission started on Wednesday disciplinary steps against Austria over the country's budget deficit that exceeds EU limits, a procedure could potentially end in fines.
Austria had a budget deficit of 4.7% of GDP last year, well above the European Union's upper limit of 3% of GDP. The excessive budget gap is not temporary -- the Commission forecasts it will be 4.4% of GDP in 2025 and 4.2% in 2026.
"The Commission will propose to the Council to open an Excessive Deficit Procedure for Austria," EU European Economic Commissioner Valdis Dombrovskis said.
Unless the deficit is corrected within the time frame set for Austria by the Commission and EU finance ministers, the excessive deficit procedure can end up in fines for Vienna.
(Reporting by Jan Strupczewski)
