EC evaluates eurozone state budgets

The European Commission is checking member state budgets for the upcoming year. Seven nations are on the brink of breaking the European Union's budget discipline guidelines. Italy, France and Belgium, which were threatened with sanctions have been given extra time to legislate necessary reforms, wrote IAR. France still needs some time to reach the 3 percent budget deficit threshold, while Italy's and Belgium's public debt has surpassed 60 percent of their GDP. The countries have till March to improve their spending situation. Disciplinary action may include sanctions. Although Poland is not a eurozone country, it has maintained deficit and debt levels close to the EU guidelines. Poland's debt is right around 50 percent and its budget deficit is at 3.3 percent.