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Thu 07 Jul 2010EU warns on 'excessive' imbalances
THE EUROPEAN Commission is seeking the power to impose policy measures on countries with disproportionate increases in property and labour prices even if their public finances remain within EU budget limits.
EU economics commissioner Olli Rehn yesterday laid down plans to suspend or cancel agricultural and fisheries funding for member states who consistently flout the budget rules. If accepted, such proposals would mark a big escalation of pressure on member states from Brussels to keep their budgets in check.
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