Brussels warns Spain about its debt and deficit imbalances

The economic shock from the war in Ukraine, the second experienced by the European Union in two years, has prompted the European Commission to review its fiscal plans. Brussels is committed to maintaining the escape clause - which allows member states to exceed the limits set for debt and deficit - next year. The measure, included in its package of measures for the European semester, does not, however, imply an open bar and has warned seven countries, including Spain, about the imbalances in their public accounts.

Germany, France, Holland, Portugal, Romania and Sweden have also received a wake-up call from the Community Executive, but the biggest slap on the wrist has been Italy, Greece and Cyprus, who register "excessive imbalances" of public debt and deficit. As indicated by the Commissioner for the Economy, Paolo Gentiloni, "European fiscal policy must leave room for investments in the green and digital transitions".

The EU also wants to give European countries a bigger belt for aid to Ukrainian refugees and to reduce dependence on Moscow. Moreover, high inflation and the skyrocketing price of energy are already two of the factors that most concern Brussels. However, Geniloni has highlighted the "strong momentum" of the European economy before the Russian aggression and trusts that a "more resilient, green and digital" Europe is the key to continue growing in the future.