Baku. 12 July. REPORT.AZ/ Finance ministers of the EU countries agreed to start formal introduction of the sanctions procedure against Spain and Portugal for failing to reduce the budget deficit to the EU target date, Report informs referring to the BBC.
As a statement made after a meeting in Brussels says, the Council of finance ministers "established that Spain and Portugal have not taken effective actions in accordance with the data of their recommendations to reduce the budget deficit."
Spain and Portugal have ten days to present their arguments and to appeal the decision, after which the European Commission within 20 days to decide on sanctions.
If the countries to not prove that the deficiency has been associated with some emergency circumstances, the large fines on them at 0.2% of GDP may be imposed.
Until now, this measure was not applied by the EU leadership in relation to the countries within the bloc.