EU to focus on debt, broaden sanctions for offenders

BRUSSELS, July 12 (BestGrowthStock) – European Union finance
ministers agreed on Monday to start monitoring each others’
budget plans from 2011, focus more on reducing debt and broaden
sanctions for EU budget rule-breakers.

In a statement after a meeting of the ministers, EU
President Herman Van Rompuy, who chaired the talks, said the
group also agreed to monitor competitiveness levels in the EU
through a scoreboard of select indictaors.

If the indicators were to fall below certain levels, the
ministers would issue policy recommendations under a new,
excessive imbalances procedure.

(Reporting by Jan Strupczewski, editing by Luke Baker)

EU to focus on debt, broaden sanctions for offenders