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March 29, 2023

EU sees excessive imbalances in Spain, Slovenia

Spain and Slovenia face “excessive imbalances” in their economies than other eleven European countries, the European Commission warned on Wednesday. In a report published on Wednesday, after an in-depth review of 13 EU countries, the commission said the very high domestic and external debt continue to pose serious risks for Spanish growth and financial stability.

In Slovenia, risks for financial stability emanate from substantial corporate indebtedness and deleveraging. The EU called for urgent policy action to halt the rapid built-up of imbalances and to manage their unwinding. At the same time, EU said imbalances are not found to be excessive in Belgium, Bulgaria, Denmark, France, Italy, Hungary, Malta, the Netherlands, Finland, Sweden and the United Kingdom. “Decisive policy action by Member States and at EU-level is helping to rebalance the European economy,” said Olli Rehn, Commission Vice-President for Economic and Monetary Affairs and the Euro.

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