Q&A: Excessive deficit procedure without fines?

On July 27 the European Commission announced that it would not fine Portugal and Spain for their excessive deficits. Had the Commission decided to impose the fines, it would have been the first time: No country has ever paid one. So what does the excessive deficit procedure actually do? Here is an overview of its track record.

Dr. Anna auf dem Brinke works for the German Ministry of economy, she formally worked for the Jacques Delors Centre.

Image: CC Ken Teegardin, Source: flickr