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Wed 06 Jun 2010Tough sanctions proposed for states flouting EU budget rules
EU ECONOMICS commissioner Olli Rehn will today propose tough new sanctions against countries which flout European budget rules, measures likely to include a suspension of some agricultural and other funding for errant governments.
With markets again under pressure in advance of the withdrawal tomorrow of a one-year liquidity scheme by the European Central Bank (ECB), Mr Rehn hopes to secure early agreement from EU finance ministers for tougher measures. Although the EU’s existing budget rulebook includes the possibility of fines, such penalties were never imposed even as governments breached budget guidelines set by Brussels as a matter of routine.
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