France, Italy to Avoid Immediate EU Action Over Budgets
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France and Italy will escape immediate punishment over weaknesses in their 2015 budget proposals as the European Union tries to balance the need for continued austerity with a desire for greater investment.
The European Commission, the EU executive in Brussels, will today warn French President Francois Hollande and Italian Prime Minister Matteo Renzi that their governments may face action in March if they do not follow through on written pledges on cutting deficits and making their economies more competitive.