On Tuesday 9 August, the Council of the EU confirmed that it was to cancel the financial penalties faced by Spain and Portugal for failing to respect their budgetary commitments between 2013 and 2015.
In so doing, the member states adopted the proposal not to fine the two Iberian countries tabled by the European Commission at the end of July (see EUROPE 11602).
Additionally, new trajectories have been laid down to allow Madrid and Lisbon to bring their government deficits back below the 3%...