‘Spain and Italy have been warned that their budgets for 2014 are in breach of European Union rules as Brussels uses new powers to force governments to revise spending plans before national parliaments vote on them.
France was also cautioned that plans for painful economic reforms represent only “limited progress” as the European Commission exercised new eurozone powers in a historic shift of sovereignty away from elected governments.
“Because in an economic and monetary union, national budgetary decisions can have an impact well beyond national borders, member states have given the commission the responsibility,” said Olli Rehn, the commission vice-president in charge of the euro.’
Read more: EU uses new budget powers to demand more austerity in Italy and Spain
