Summarize this content to 2000 words in 6 paragraphs in Arabic
\n The EU has identified fiscal irregularities in eight members, as France prepares for landmark elections, and Brussels reshuffles its top jobs.
\n ADVERTISEMENTThe European Commission has formally warned eight of its member countries over their excessive budget deficits \u2013 relaunching a controversial fiscal intervention that\u2019s been suspended since the pandemic. \u00a0Belgium, France, Italy, Hungary, Malta, Poland and Slovakia were all berated for their failure to balance the books \u2013 while Romania faces the more serious charge that it\u2019s failed to heed previous EU warnings over profligacy.\u00a0The move\u00a0comes at a sensitive time, as France prepares for key legislative elections and the EU\u2019s own lead officials seek reappointment, and starts a process that can lead to fines on indebted nations. \u201cLongstanding structural challenges are holding back the EU\u2019s competitiveness,\u201d EU Commissioner Valdis Dombrovskis said in a statement. \u201cWe look forward to receiving national fiscal structural plans from Member States that bring down debt and deficit and reflect today\u2019s recommendations.\u201d \u00a0In 2020, Romania was told by its counterparts in the EU\u2019s Council to \u201crigorously implement\u201d steps to correct its fiscal imbalance by 2022, but is expected to have the biggest deficit in the EU next year, at 7% of GDP. It’s now the only EU country which Brussels now deems to have an excessive macroeconomic imbalance, and officials have previously urged reforms of taxation and public sector wages in a bid to correct that grave situation. \u00a0Narrow escapeOther countries appear to have narrowly escaped censure \u2013 with Estonia\u2019s spending seen as driven by an understandable focus on defence, and others such as Spain, Finland, Slovenia and Czechia deemed to only have minor or temporary breaches of budget norms.The EU\u2019s fiscal rules, introduced alongside the common currency in the 1990s, say the imbalance in national fiscal positions shouldn\u2019t be over 3% of GDP, with overall debt kept under 60%.\u00a0They\u2019ve have long proved to be political dynamite,\u00a0as northern member states such as Germany and the Netherlands are reluctant to pay for what they see as reckless spending in Greece or Italy.\u00a0The Commission’s move is likely to prove particularly incendiary in France, which recently saw its credit rating downgraded, and where\u00a0snap legislative elections are due at the end of June.\u00a0\u00a0Marine Le Pen, leader of the far-right and eurosceptic National Rally that topped a recent EU poll, has proposed reducing the retirement age and cutting VAT on fuel.\u00a0\u00a0Bruno Le Maire, finance minister for liberal President Emmanuel Macron, has told local media of a potential \u201cdebt crisis\u201d from Le Pen\u2019s programme, adding that a \u201cLiz Truss scenario is possible\u201d, referring to the market frenzy that followed the short-lived British Prime Minister\u2019s 2022 budget giveaway.\u00a0Belgium, whose deficit will be nearly 5% next year, is also in political turmoil, as liberal Prime Minister Alexander De Croo announced his resignation after a disappointing election result.Political changeThe move also comes as Commission President Ursula von der Leyen seeks renomination for a second term in office \u2013 with Italy\u2019s Prime Minister Giorgia Meloni among those yet to confirm their backing.\u00a0\u00a0Von der Leyen needs to be proposed by EU leaders \u2013 which they failed to do at an initial discussion held Monday \u2013 and then supported by the European Parliament, where Meloni and her political allies did well in recent elections.\u00a0\u00a0The reports produced today are the first step in a lengthy procedure that could see fines levied on countries deemed to jeopardise the euro\u2019s financial stability. \u00a0\u00a0The framework was abandoned in 2020 when the Covid crisis, and subsequent energy price explosion, led governments to make unprecedented and expensive economic interventions.\u00a0\u00a0After much haggling, member states earlier this year agreed on a more flexible set of budget constraints to apply as of this year, allowing more wiggle room for spending on climate change or defence.\u00a0ADVERTISEMENTToday\u2019s move by the Commission opens a months-long process of discussion and analysis, with finance ministers expected to endorse formal recommendations for big spenders to correct their imbalances in December. \u00a0UPDATE (19 June, 11:45):story updated throughout with details of Commission package.<\/p>\n","protected":false},"excerpt":{"rendered":"
Summarize this content to 2000 words in 6 paragraphs in Arabic The EU has identified fiscal irregularities in eight members, as France prepares for landmark elections, and Brussels reshuffles its top jobs. ADVERTISEMENTThe European Commission has formally warned eight of its member countries over their excessive budget deficits \u2013 relaunching a controversial fiscal intervention that\u2019s<\/p>\n","protected":false},"author":1,"featured_media":131773,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[60],"tags":[],"class_list":{"0":"post-131772","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"_links":{"self":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/131772","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/comments?post=131772"}],"version-history":[{"count":1,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/131772\/revisions"}],"predecessor-version":[{"id":131774,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/posts\/131772\/revisions\/131774"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media\/131773"}],"wp:attachment":[{"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/media?parent=131772"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/categories?post=131772"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/globetimeline.com\/ar\/wp-json\/wp\/v2\/tags?post=131772"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}