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July 2016: Economic Sentiment resilient in the euro area, but down in the EU driven by the UK

July 2016: Economic Sentiment resilient in the euro area, but down in the EU driven by the UK

In July, the Economic Sentiment Indicator (ESI) remained resilient in the euro area in the wake of the Brexit referendum, marking a marginal increase of 0.2 points (to 104.6), and decreased in the EU (by 0.9 points to 104.8).

 
Excessive deficit procedure: Council agrees to zero fines and new deadlines for Portugal and Spain

Excessive deficit procedure: Council agrees to zero fines and new deadlines for Portugal and Spain

On 8 August 2016, the Council agreed not to impose fines for their failure to take effective action to correct their excessive deficits and set new correction deadline.

Press remarks by Commissioner Moscovici: Stability and Growth require a strong determination to put public finances in order. I trust that Spain and Portugal will respond accordingly to the collective decisions by the Commission and the Council.

 
July 2016: Economic Sentiment resilient in the euro area, but down in the EU driven by the UK

July 2016: Economic Sentiment resilient in the euro area, but down in the EU driven by the UK

In July, the Economic Sentiment Indicator (ESI) remained resilient in the euro area in the wake of the Brexit referendum, marking a marginal increase of 0.2 points (to 104.6), and decreased in the EU (by 0.9 points to 104.8).

 
Commission recommends to cancel fines and to set new fiscal paths for Spain and Portugal

Commission recommends to cancel fines and to set new fiscal paths for Spain and Portugal

Following the Council decision of 12 July 2016 that Spain and Portugal did not take effective action to correct their excessive deficits, the Commission recommended a new fiscal adjustment path for both countries. The College of Commissioners also recommended that the fine be cancelled for both countries.

For more information: press release, memo, press remarks by Vice-President Dombrovskis and Commissioner Moscovici

 

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