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Monday, December 1, 2014

The European Commission has given Belgium, France and Italy until March to bring their budgets in line with legal requirements, saying they were at risk of breaking EU rules. This gives the countries more time to adjust policy before the EU executive decides whether to fine France for missing consolidation targets or put Italy and Belgium under a disciplinary procedure because of their debt. The Commission will also publish the draft budget assessments of the 18 euro zone countries, except Greece and Cyprus which remain under bailout programs.

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