Finland will be placed in the European Union’s excessive deficit procedure (EDP) after the European Commission confirmed the country is breaching the bloc’s core economic rules on debt and budget deficits.
The Commission announced the proposal this week following new data showing Finland’s budget deficit has exceeded 3 percent of GDP and its debt level is forecast to rise above 90 percent next year. The EDP aims to ensure that member states comply with EU fiscal criteria, which limit national debt to 60 percent of GDP and annual deficits to 3 percent.
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