12 July: Council decides Spain and Portugal failed to take effective action

July 12, 2016

In an unprecedented decision of 12 July, the ECOFIN Council has decided, in line with the Commission recommendation of 7 July, that both Spain and Portugal have failed to take effective action under the excessive deficit procedure. This is the first time the Council has taken such a decision under article 126(8) TFEU, setting in motion a new sanctions regime introduced by the Six Pack of economic governance legislation that entered into force in December 2011.

 

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