The EU initiates a process for excessive deficit against France and six other countries.

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Initiation of Excessive Deficit Procedure by the European Union

On Friday, July 26, the European Union formally launched procedures for excessive public deficits targeting seven Member States, including France. The decisions also affect Belgium, Hungary, Poland, Slovakia, Malta, and Romania. All of these countries exceeded the public deficit limit set at 3% of the gross domestic product (GDP) last year by the Stability and Growth Pact, which also caps the debt at 60% of the GDP. They are required to implement corrective measures to comply with these budgetary rules in the future, risking financial penalties.

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