EU passes states’ budgets

The European Union said no nation has broken EU budget rules by a big enough margin to warrant immediate action, a move that gives France and Italy more time to win approval for their draft spending plans.

“After taking into account all of the further information and improvements communicated to us in recent days, I cannot immediately identify cases of particularly serious non-compliance which would oblige us to consider a negative opinion at this stage in the process,” European Commission vice president Jyrki Katainen said.

The commission had previously welcomed last-ditch attempts from eurozone nations to meet the bloc’s requirements, without signalling whether they would succeed. Letters that the French and Italian governments sent to the commission detailing additional action are “useful and constructive contributions,” commission spokesman Simon O’Connor told reporters in Brussels yesterday. “We are still analysing the information.”