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1st LD: EU warns of macroeconomic imbalance in Germany, fiscal problem in France

Xinhua, February 26, 2015 Adjust font size:

The European Union officials on Wednesday warned of macroeconomic imbalance in Germany and fiscal problem in France, adding that Belgium, the Netherlands, Romania, Finland, Sweden and Britain requiring monitoring and policy action to address fiscal situation.

Delivering a speech in a press conference, European Commissioner for economic and financial affairs Pierre Moscovici called for more actions to address the fiscal imbalance in member states such as France.

"Reforms undertaken by France go in the right direction, but not enough to correct current problems. We expect France to present a new and ambitious reform programme in April," Moscovici said.

The EU emphasized the need to take policy action by countries with fiscal problems, including Belgium, Italy, the Netherlands, Romania, Finland, Sweden and Britain.

The EU fiscal rules said a national debt for a member state should be lower than 60 percent of its GDP and annual deficit no higher than 3 percent of GDP. Endit