France, Germany want to fine states with excessive deficits

BRUSSELS: France and Germany want faster procedures against EU states with excessive budget deficits and to impose financial sanctions on them, the French finance minister said on Wednesday.

Christine Lagarde made the comment after her German counterpart Wolfgang Schaeuble attended a French cabinet meeting in Paris.

European governments agreed last week to create tough new sanctions against countries that run excessive public deficits, including a halt of certain subsidies.