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European Commissioner for Monetary Affairs Olli Rehn has proposed that the Commission should not seek to enforce a €760m fine on Belgium for its failure to respect a spending deficit limit of 3 per cent of GDP.
Belgium, which has exceeded the limit for three consecutive years has pledged to “cut its structural deficit to less than 1.2 per cent of GDP” by 2014, explains De Standaard. The newspaper also draws attention to the consequences of of the 2012 deficit, which exceeded forecasts. As a result —
… the country will have to make additional savings in 2014, which is an election year [...] It is the price that has to be paid.
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