Debt and discipline

摘要

As one country comes out of the naughty corner, another risks being sent there. On June 5th the European Commission opined that Spain was no longer breaking European fiscal rules, and recommended bringing its decade-long "excessive-deficit" procedure to a close. But it began the process of opening a similar procedure against Italy. Eventually, if no compromise is reached, the Italians could face a multibillion-euro spanking.