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If the European Commission opts to fine Belgium on May 29 for failing, over three consecutive years, to meet the "3 per cent of GDP" budget deficit target imposed by the EU’s stability and growth pact, the country will appeal the decision.
In view of the current context of recession, Belgian Finance Minister Koen Geens (of the Christian-Democratic and Flemish CD&V) has insisted that a fine cannot be justified. He has also taken issue with the possibility of a backdated penalty, which he argues would be illegal.
De Morgen points out that the fine could be as much as €765m, the equivalent of 0.2 per cent of GDP.
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