European Commission is calling on EU member states to bring their budget deficits back in line

Even as Eurozone governments continue to pour billions into stimulus measures to fight the global recession, the European Commission is calling on EU member states to bring their ballooning budget deficits back in line as soon as possible. The commission has proposed placing several governments under scrutiny for exceeding the EU deficit limit, fearing that the value of the Euro could be eroded unless the rules of the stability and growth pact are upheld.