Half of European Union countries are experiencing economic imbalances that differ widely, the EU Commission said yesterday, as the bloc discusses how to improve convergence among its 27 members after Britain leaves, Reuters reported. In a regular check-up of EU governments’ economic policies and achievements, the Commission renewed its warning that gaps that are harmful to the whole bloc not being addressed in several states, while a growing number of them face shortfalls. As economic growth slows, “challenges vary significantly across countries and call for appropriate and determined policy action,” the Commission said in its report. Thirteen states were rebuked for their economic imbalances, two more than in last year’s assessment. Of them, Italy, Greece and Cyprus were found to have “excessive” shortfalls which would require swift corrective action. The Commission was mostly worried by the high ratio of bad loans in their banking sectors and their large public and private debt. Read more.
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