Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
France, the eurozone’s second biggest economy, has already been singled out for harsh criticism by the commission with a warning last month that low French competitiveness and high government debt threaten the EU’s single currency.
telegraph.co.uk / By Bruno Waterfield / 9:45PM BST 25 May 2013
The European Commission will use sweeping new powers backed by sanctions to impose controversial social and economic reforms on European countries later this week.
France, Spain and Slovenia are set to be criticised in a major commission report on Wednesday as countries that have failed, amid recession and the financial crisis, to cut public debt and to implement structural reforms of their economies.
The commission is also expected to express concern over Britain, with a warning that the continuing credit crunch is jeopardising growth and attempts to cut public debt, although the Government, outside the eurozone, can escape the humiliation of having sanctions imposed.
European Union studies on “macroeconomic imbalances” have been given new teeth this year under eurozone “governance” legislation that gives the commission powers, backed by substantial fines, to override national sovereignty to impose reforms.
Thanks to BrotherJohnF