No penalty can be “zero” even Ecofin proceed with sanctions – Daily News – Lisbon

Government can submit reasons why the sanctions are reduced, admitted the European Commissioner for the Euro

The Commissioner European for the Euro, Valdis Dombrovskis stressed today that the Council of Finance Ministers of the EU following the Brussels recommendations for Portugal will open a procedure, but it may not be fine.

“If the decision today is confirmed by the Council gives rise to a procedure, “Dombroskis said at a press conference, stressing that if it is decided to apply sanctions, those countries – Portugal and Spain – can” provide reasons for the sanctions to be reduced or even canceled. “

also the Commissioner for Economic and Financial Affairs, Pierre Moscovici, has strengthened the possibility of the finance ministers of the European Union (EU) opt for a” penalty equal to zero “, stressing that the decision rests with the Ecofin.

“Today is about an objective evaluation of the past, are not at issue sanctions,” Moscovici said.

the Commissioner noted that Portugal “should have corrected the excessive deficit in 2015, but this increased to 4.4%, “noting that even without the Banif rescue, this would be” slightly above 3.0%. “

Portugal” did not fulfill the goals, or the nominal level, not structural, “he said.

Dombrovskis, in turn, recalled that” we are dealing with the aftermath of a financial and economic crisis “, but noted the need to finance coming back” on track “without excessive deficit.

the European Commission today launched sanctions procedures to Portugal and Spain, to conclude that the two countries have not taken” effective action “to correct their excessive deficits by passing the word the finance ministers of the European Union.

After the Commission adopts today recommendations to the Council to note that Portugal and Spain “will require new deadlines to correct their excessive deficits” (in the Portuguese case it was 2015), for not having made sufficient efforts to achieve the targets, the finance ministers of the 28 (Ecofin) will have to decide already at the meeting next Tuesday on this opinion, after which the EU executive “has the legal obligation to provide, within 20 days, a proposal for a fine to be imposed. “