EU Commission to recommend several member states slow pace of austerity cuts to help economy
{{#rendered}} {{/rendered}}The European Union will make country-specific economic policy recommendations that are likely to ease the focus on budget austerity to help the economy recover.
The EU Commission, the 27-nation bloc's executive arm, is expected on Monday to grant France, Spain and other nations more time to slash their deficits amid high unemployment and a protracted recession in many member states.
EU officials indicate the recommendations will call for a continuing but slower path of debt reduction. They stress the need to implement structural reforms, such as overhauling labor markets to make economies more competitive.
{{#rendered}} {{/rendered}}The recommendations will become legally binding once approved by the EU's leaders, who will discuss them at their summit next month.