The EC has launched an investigation against Finland for exceeding its budget deficit.

The European Commission (EC) has launched an investigation and proposed disciplinary action against Finland due to excessive government debt. This was announced on November 25 by the Yle television and radio company with reference to the EC document.

It is noted that European states are not allowed to have a budget deficit exceeding 3% of the country's GDP. If the limit is exceeded, a deadline is set for debt reduction, and repeated non-compliance with the rules may result in fines.

"If effective measures are not taken by the deadline, the Council may impose sanctions and a fine of up to 0.05% of the previous year's GDP," the EC document on the Excessive Budget Deficit Procedure (EDP) explains.

In Brussels, they stressed that Finland plans to reduce the deficit to 4% of GDP by 2026, but the figures will still go beyond the norms of the European Union, adds "Газета.Ru ".

Sanctions and Steve Jobs: how Finland paid for the conflict with Russia

The recession in the country turned out to be deeper and tougher than in Germany.

On November 3, it was reported that the Finnish economy could be under threat due to growing defense commitments to the North Atlantic Alliance. It was noted that the country is gradually moving from prolonged stagnation to economic recession.

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