Euro Area Deficit Falls to Eight-Year Low as Growth Accelerates

Page created: Monday, 25 July 2016 8:49 GMT

Debt  EU Debt  EU Deficit  Sanctions

Budget deficits for the 19 euro-area governments fell to an eight-year low in the first quarter as the pace of economic growth accelerated.

European authorities are trying to restore their reputation for budget discipline after the financial crisis saw the deficit for the bloc reach 7 percent in 2010. Spain and Portugal have become a test case for the European Commission, which will discuss next week whether to make them the first member states to be fined for missing their deficit reduction goals.