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E.U. Cautions France and Warns of Challenges in Spain – NYTimes.com

BRUSSELS — The European Commission cautioned the new French president against overspending in trying to spur growth and warned that Spain still had a long way to go to restore market confidence, as it released its verdicts Wednesday on the performance of economies across Europe.

Armed with new powers to police national budgets, the commission, the executive body for the European Union, also stepped up its call for further economic integration, including the introduction of euro bonds, to fix the sovereign debt crisis that began in Greece and that now has created spillover effects across the entire region.

In the short term, “creating a new market segment based on common issuance would address the current shortage of investor demand for the sovereign bonds of many euro-area member states,” the commission said, while acknowledging that numerous conditions to tighten economic governance had first to be met.

via E.U. Cautions France and Warns of Challenges in Spain – NYTimes.com.

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