The EU has had in place since the early days of birth, deficit/budget plans for member states.
A snippet:
"Spain and Portugal avoided a landmark penalty from European Union authorities for persistently missing their budget targets
with officials in Brussels opting for leniency amid rising populism and public discontent against austerity.
The European Commission decided not to impose sanctions because of the challenging economic environment both countries face, Economic Affairs Commissioner Pierre Moscovici said at a press conference in Brussels Wednesday. The Iberian nations could have been fined as much as 0.2 percent of their national output after finance ministers gave the EU executive their approval. Commission staff concluded that neither government had taken decisive action to correct their budget imbalances last year despite numerous warnings."
http://www.bloomberg.com/news/articles/2016-07-27/spain-and-portugal-dodge-eu-fine-for-breaching-deficit-limitsThe economic experiment continues.
Take care,
Catch
