November 14, 2012 / 2:22 PM / 5 years ago

EU's Rehn to make statement on EU's budget disciplinary action vs Spain

BRUSSELS, Nov 14 (Reuters) - EU Economic and Monetary Affairs Commissioner Olli Rehn will make a statement on Spain on Wednesday afternoon that will be related to the European Union's excessive deficit procedure (EDP) for the country, an EU official said.

Under EU budget rules, when a national budget deficit is bigger than 3 percent of gross domestic product, EU finance ministers ask the country to reduce it below that threshold by a certain deadline.

The EU executive, the European Commission, recommends to the ministers the pace of deficit reduction and checks if the country fulfils the recommendations approved by EU finance ministers.

If a country does not comply, it can be fined.

Rehn is to make his statement at about 1515 GMT.

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