European Commission lays out new debt punishments
The European Union is getting tougher on national budgets. The President of the European Union Commission has been detailing a plan - that he says will help prevent another Greece style debt crisis.
New sanctions are planned for countries that fail to act on requests to bring the budget under control. A yearly fine of one tenth of GDP is planned that could only be stopped by a majority of eurozone members. Jose Manuel Barroso also said the Commission will focus on debts and not just deficits.
29 Sep 2010
- From the section Business