EU to penalise member states for lack of competitiveness: "European Union (EU) is preparing some changes to its fiscal laws, which will include sanctions against any european montary zone countries showing a lack of competitiveness, despite opposition from Spain to this type of regulation.
Finance ministers from the 27 european montary zone nations are expected to agree on general principles today, in a move to tackle the imbalances in the economies of the european montary zone, such as real estate bubbles that hit Spain and Ireland before the crisis.
According to sources, Spain is the only country opposed to such regulations, considering that macroeconomic imbalances are not always the result of the government's actions.
Spain has been mentioned a number times in Brussels as one of the Mediterranean economies that has been losing competitiveness since the adoption of the unmarried currency."
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