EU Sees Economic Splits As Half Of Member States Face Differing Gaps | 11/21/2018 | Staff
Mireille (Posted by) Level 3
BRUSSELS (Reuters) – Half of European Union countries are experiencing economic imbalances that differ widely, the EU Commission said on Wednesday, as the bloc discusses how to improve convergence among its 27 members after Britain leaves.

In a regular check-up of EU governments’ economic policies and achievements, the Commission renewed its warning that gaps that are harmful to the whole bloc not being addressed in several states, while a growing number of them face shortfalls.

Growth - Challenges - Countries - Call - Policy

As economic growth slows, “challenges vary significantly across countries and call for appropriate and determined policy action,” the Commission said in its report.

Thirteen states were rebuked for their economic imbalances, two more than in last year’s assessment.

Italy - Greece - Cyprus - Shortfalls - Action

Of them, Italy, Greece and Cyprus were found to have “excessive” shortfalls which would require swift corrective action. The Commission was mostly worried by the high ratio of bad loans in their banking sectors and their large public and private debt.

Bulgaria, Germany, Ireland, Spain, France, Croatia, the Netherlands, Portugal, Romania and Sweden also have imbalances although less acute than the three Mediterranean states, the commission said. Croatia’s imbalances are no longer considered excessive.

None - Countries - Gaps - Commission - Report

None of these countries have sufficiently narrowed the gaps the Commission had highlighted in a report last year, in a sign that EU’s fiscal recommendations have so far been largely ignored in national...
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