from The Telegraph:
The eurozone has sailed into uncharted waters. For the first time, the European Commission used new powers, which are backed up by penalties, to revise national budgets before national parliaments have had a say.
The Brussels EU executive flexed its new muscles by criticising the eurozone’s biggest economies, but held back from issuing instructions for the rewriting of budgets – for now at least.
Even so, by questioning Italy’s budget plans, it has ensured that political stability and a fragile recovery in the eurozone’s third-largest economy are now in greater doubt.
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