France and Italy outlined extra measures to cut their budget deficits on Monday as they backed away from a full scale confrontation with the European Commission.
French finance minister Michel Sapin announced new savings worth €3.6 billion in a letter to eurozone commissioner Jyrki Katainen.
The extra savings would come from "lower interest expenses as a result of falling interest rates throughout the summer, or a reduction in future contributions to the European Union Budget ann...
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Benjamin Fox is a seasoned reporter and editor, previously working for fellow Brussels publication Euractiv. His reporting has also been published in the Guardian, the East African, Euractiv, Private Eye and Africa Confidential, among others. He heads up the AU-EU section at EUobserver, based in Nairobi, Kenya.